In 1983, Jim Barrett, a pioneer in the satellite insurance industry, founded International Technology Underwriters (Intec), the first insurance firm specializing in underwriting space ventures. In 1992, Intec was sold to the AXA Group, a French insurance company and became AXA Space.
Intec/AXA Space built and managed an $80M Quota Share Treaty and became a world leader in space insurance. In 2008, AXA Space was sold to Paris Re and in turn to Partner Re. During this transition the treaty capacity was not renewed, but the business continued at a reduced capacity.
Inspired by Jim Barrett’s original MGA and Treaty business model for underwriting satellite insurance, Richard Parker, then Senior Space Underwriter at Partner Re, founded Assure Space in 2011. Richard was joined by Kelly Bromley, Treaty Manager at Partner Re and together they continued to build on their combined 20 years of experience at AXA Space.
Today Assure Space manages both insurance and treaty capacity and is also a Lloyds Coverholder representing a number of Lloyds Syndicates.
In July 2016, Assure Space was acquired by AmTrust - a New York based multinational property and casualty insurance company. The AmTrust acquisition expands AmTrust's growing portfolio and brings significant support and resources to Assure Space.