Satellite communications firm OneWeb has signed an insurance agreement for an aggregate insured value of more than $1 billion.

Insurance broker Marsh has arranged a multi-launch insurance programme covering physical loss or damage to the low Earth orbit (LEO) satellite company’s remaining Gen 1 satellites and launch vehicles with a global panel of leading specialist insurers.

“We are extremely pleased to sign this insurance agreement with Marsh, the leading insurance broker in the field,” said Steven Fay, OneWeb’s Deputy Chief Financial Officer. “OneWeb is embarking on its next phase of growth as it looks to complete its constellation and deliver commercial service by the end of the year, and this agreement provides an added layer of security as our company moves quickly toward realising this goal.”

OneWeb currently has around 280 satellites in operation and is due to start offering services to northern areas such as Canada, the UK, and Northern Europe later this year. By next year the company aims to have a constellation of 650 satellites globally.

Chris Lay, CEO of Marsh UK & Ireland added: “This next series of launches is central to OneWeb’s plans to provide next-generation broadband services to people, communities, and businesses all around the world.”