Howden has launched a dedicated space insurance capability as it seeks to accelerate growth in the global space market, appointing industry specialist Clive Strickland to lead the newly formed unit.
Strickland brings more than 25 years’ experience in the space insurance sector and has previously established and scaled space insurance teams in both the London market and internationally.
The group estimates that global space insurance premiums currently total around US$600 million. It expects the market to grow by approximately 9% annually for the remainder of the decade, supported by rising launch activity and the continued expansion of commercial and government-led space programmes.
The move comes amid evolving market conditions, with space insurance capacity and pricing continuing to adjust. While rates have been firming, market participants note that the trend has been more orderly than in some other specialty lines. Premiums have continued to edge higher despite relatively benign claims activity, reflecting an emphasis on disciplined deployment of capacity.
At the same time, brokers are helping clients navigate a changing risk landscape, as the market shifts away from reliance on a small number of high-value geostationary satellites towards a broader mix that includes lower-value, higher-frequency launches and emerging activities such as satellite servicing.
The launch of the dedicated space capability follows broader leadership changes within Howden’s UK operations, including the appointment of Mike Dalby as CEO of Howden Consumer & Local Commercial (CLC).
Dalby has overseen growth in the consumer life and health division, successfully integrating three businesses under a single brand and leading the acquisition of ActiveQuote.
