Convex invests in advanced air mobility insurer
Bermuda-based Convex has made a cornerstone investment in managing general agency Skyrisks, which plans to provide insurance to the advanced air mobility (AAM) sector.
London-based Skyrisks launched its operations this week, offering A-rated insurance capacity and targeted risk appetite to AAM customers.
AAM is an air transport system that transports individuals and property using aircraft including remotely piloted, autonomous, or vertical take-off and landing aircraft, including those powered by electric or hybrid-driven propulsion, in both controlled and uncontrolled airspace.
“Innovative insurance is a core enabler for the successful adoption of revolutionary aircraft, power systems, and next-generation infrastructure,” said Alistair Blundy, chief executive officer. “We meet the emerging risk landscape with proactive appetite, bespoke solutions, and A-rated insurance capacity. We are open for business and accepting submissions. The foundational reception and support from broker partners is outstanding.”
Skyrisks is offering market-leading insurance capacity and coverage for the dynamic and varied AAM ecosystem, including operators of electric-powered aircraft which can take off and land vertically, on short runways or on conventional runways.
Skyrisks also announced the cornerstone investment from Bermuda-based Convex Group in addition to its existing insurance capacity partnership.
Mike Hansen, head of aerospace at specialty re/insurer Convex, said: “Our approach to sustainability is integral to and integrated in Convex’s strategy. The very purpose of commercial insurance is to support the sustainability of business activities. That is why we are committed to advancing the sustainability agenda across the aviation sector in a long-term partnership with Skyrisks, the leaders in AAM insurance.”
Shelley Lyddon-Mills, chief actuary Bermuda at Convex, will join the board of directors of Skyrisks. Commenting on her appointment, she notes: “We are on a mission to be a market leader in AAM insurance.
“A key driver of our innovative edge will stem from the ability to integrate multiple datasources into a sophisticated API-enabled pricing engine, unlocking valuable metrics and empowering us to walk side-by-side with AAM companies as they grow.”
