Aug 3rd, 2022
Sompo Japan and Space BD
Sign Comprehensive Cooperation Agreement to Develop Space Industry
~ to release Re-flight Guarantee Program for Satellites and Payloads ~
Sompo Japan Insurance Inc. (President and CEO: Giichi Shirakawa, hereinafter "Sompo Japan") and Space BD Inc. (Co-Founder & CEO: Masatoshi Nagasaki, hereinafter "Space BD") have signed a comprehensive cooperation agreement for the purpose of contributing to development of the space industry. As the first step, Sompo Japan and Space BD will start providing a new service, "Re-flight Guarantee Program", which guarantees and provides the replacement launch opportunity, in the event of a launch failure of the original launch to customers launching their satellites into orbit, or various payloads to the International Space Station (hereinafter " ISS") .
Shigeo Saito, Deputy President and Senior Managing Executive Officer, Sompo Japan (left) and Masatoshi Nagasaki, Co-Founder & CEO, Space BD (right)
１．Background and Purpose
Nowadays, further growth of the space industry is expected, driven by the new companies and organizations, which were not involved in space utilization in the past, starting to utilize space, in addition to the space-related companies, universities, and research institutes that have supported the acceleration of the space development, which is resulting in the expanding of various efforts toward the development and commercialization of the latest technologies in the space industry.
On the other hand, space activities involve various risks that we have not experienced on earth, and among them, additional costs incurred due to launch failures are a major issue in development and commercialization of the space industry. To support the further the development of the space industry, Sompo Japan, with its space-related insurance underwriting knowledge, and Space BD, with its wide range of services related to the space business, including satellite launch services, have signed a comprehensive cooperation agreement to create and provide the solution that can mitigate such risks on the space activities.
As the first initiative of this comprehensive cooperation agreement, Sompo Japan and Space BD will start supporting space operators and research institutes in the demonstration and commercialization phases of space utilization by providing "Re-flight Guarantee Program" for satellite operators and ISS users. In the future, Sompo Japan and Space BD will expand the scope of this services to lunar transportation, which is expected to expand in the future, and will also support the customers' entry into the lunar business.
２．Overview of Re-flight Guarantee Program
This program provides customers with another launch opportunity in the event of a launch failure.
Customers can apply for this program as an optional plan in the satellite launch service provided by Space BD. The cost of another launch incurred by Space BD will be insured by Sompo Japan.
３．About the future
Sompo Japan and Space BD will work together to provide more customers with peace of mind in space activities, and will consider not only the creation of solutions for space activity risks, but also the development of new insurance products and the creation of new businesses utilizing space environment.
■Comment by Shigeo Saito, Deputy President and Senior Managing Executive Officer, Sompo Japan
It is a great pleasure to enter into a comprehensive cooperation partnership with Space BD, a leading company driving commercial space business, and to support the development of the space industry.
It is a significant milestone for us as a launch service company without ownership of a spacecraft to become the first in the world to develop a re-flight guarantee program.
Space technology plays a big role in solving global issues and expanding various industries. We at Sompo Japan have been using satellite data to accelerate insurance payments and to support the prevention and reduction of disasters. We will leverage our core business of insurance in this project to support Space BD in improving the service they provide their customers. Through the expansion of our compensation and service domains, we hope to increase our contribution to the development of the space industry.
■Comment by Masatoshi Nagasaki, Co-Founder & CEO, Space BD
We are sincerely delighted about this comprehensive cooperation agreement with Sompo Japan which will help us jointly provide services that will reduce the concerns of risks and allow a wider range of customers to carry out activities in space.
Space BD has been the leading launch service provider, developing diversified launch projects through our relationship with JAXA and others we partner with. Through our latest offering, the “Re-flight Guarantee Program” which is the first initiative of our agreement with Sompo Japan, we will reduce the risks and concerns of launching opportunities and create more potential customers a chance in space utilization. Our partnership with Sompo Japan, whose extensive business activities are based on insurance, will reinforce our efforts in the development of the space business.
■About Space BD
Space BD is a space business development firm that aims to be a company that represents Japan and develops a world-class industry. Since its foundation in 2017, Space BD has provided a one-stop service from proposing business plans to providing engineering support regarding space utilization, including the International Space Station (ISS). Space BD provides broad support as a space business development firm with over 100 projects to date, including the handling of approximately 50 satellites.
- Space BD Inc.
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