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Cohort: Cohort 8, 2022
Focus in insurance value chain/workflow: Loss modelling & analytics
Specific lines of business supported: Corporate I Speciality
Founded: 2021
Status: Operating, still in insurance
Company type: Data provider
Head office: USA
Main global offices: USA
Locations served: Global
Employee count: 11-100
Privateer Space collects and processes data about the collision risk of satellites and debris for satellite operators. Its data can be used by insurers to understand the unique risks that debris and constellations pose to each other as well as for mission assurance and on-orbit satellite insurance.
Primary way aimed to improve insurance processes and tools whilst in the Accelerator: New sources of risk insight - data or models
In the Accelerator, Privateer Space worked with underwriters offering space insurance products to understand specific risks and design insurance solutions for them. It evaluated different risk models and processes that could be improved with Privateer’s data and analytics. Eventually, it narrowed its focus onto mega-constellations being launched by established space operators, with a special focus on recently formed businesses registering their interest in launching large constellations, financed by debt from existing operations. The company worked with debt lenders to understand the type of coverage they will require for financing and with insurers to understand gaps in risk quantification.
“Lloyd’s Lab got Privateer mentored by the world leaders in the space insurance market and in 12 weeks we defined exquisite requirements to improve underwriting quality analysis for the orbital collision risk factor, a large and growing peril where the lack of predictive data held back carriers from writing coverage in the fast-growing lower earth orbit segments.”Andrew Grinalds, Vice President
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