Lloyd's Market Unveils $75M Satellite Pre-Launch Insurance Consortium

Navium Marine has launched the Constellation Consortium, the largest satellite pre-launch insurance group in the Lloyd’s market. The initiative aims to address the growing demands of the space industry by offering expanded coverage options. It will officially begin operations on 1 January 2026. The consortium focuses on satellite pre-launch risks, including assembly, transit, and storage phases. It brings together capacity from around ten markets, providing a total limit of $75 million. Fidelis Partnership Syndicate 3123 will act as the lead underwriter, with additional backing from Fidelis Insurance Group.

Michael Prendeville, a Cargo & Specie Underwriter, leads the consortium. He highlighted the increasing scale and complexity of the space sector as key drivers for the initiative. Navium Marine designed the group to encourage broader market collaboration and meet evolving industry needs. The Constellation Consortium intends to introduce meaningful new capacity to the market. Its structure allows for greater flexibility in underwriting satellite-related risks before launch.

The consortium’s launch reflects a response to the space industry’s rapid expansion and changing insurance requirements. With a combined limit of $75 million, it will provide specialised coverage from early 2026. The initiative also strengthens cooperation among underwriters in the Lloyd’s market.