MEGARUSS INSURED LOST BOOSTER ROCKET AND SIX SATELLITES

Russia’s Megaruss has revealed that it is the insurer of a booster rocket and its six satellites which were lost last week and is working with a government commission to establish the reason for the accident. The booster, Tsiklon-3, was insured for $20m and the communications satellites for $2.5m. They were insured against full or partial destruction when preparing for launch, at launch and when satellites parted with the booster. The risk was reinsured on the local and foreign markets, with reinsurance on foreign markets arranged through broker Heath Lambert.