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An undeployed satellite helped ignite Chris Payne’s passion for insurance, and a unique and emerging risk class is keeping those flames burning four decades later. <i>(Credit: Andrey Armyagov/Shutterstock.com)</i> An undeployed satellite helped ignite Chris Payne’s passion for insurance, and a unique and emerging risk class is keeping those flames burning four decades later. (Credit: Andrey Armyagov/Shutterstock.com)

It was the early days of businesses launching satellites, not long after government agencies opened up space for commercial enterprises. Chris Payne, at the time a junior broker at Lloyd’s of London, was part of a team watching a rocket launch.

Unfortunately for the underwriters and their client, the satellite failed to deploy, turning the telecommunications equipment initially worth 100s of millions of dollars into an interstellar paperweight. For the terra firma-bound Lloyd’s Syndicates that covered the risk, it was a massive problem that would need some out-of-the-box thinking to solve.

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Steve Hallo

Steve Hallo is an assistant editor with PC360 Group. Prior to his current position, Steve spent nearly a decade covering retail transformation, consumer trends, manufacturing issues and supply chain challenges impacting global CPG markets. He can be reached at [email protected], and on LinkedIn and Twitter.  

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