Matthieu Caillat, Chief Underwriting Officer for Space was speaking as the firm announced it was to recruit well-known underwriter Dominique Rora to bolster the unit at the end of the month.

Mr Caillat, said that the space market remains “highly concentrated” and led by the Paris and London markets, with three brokers placing most of the business to around 20 insurers and reinsurers.

He added: “Our premium income at this stage amounts to almost $20m, which is in line with our expectations despite market conditions being slightly softer than forecast this year.

“Our initial target, being a major player in the French market with at least €30m capacity by 2012, remains valid. Capacity should increase to at least €15m next year. The focus is on profitability, and we [will] resist writing business at inadequate rates.”

AXA Corporate Solutions entered the aerospace market directly some two years ago, placing it alongside marine and aviation in its Specialty Markets division that caters for large corporate clients.

Patrick de La Morinerie, deputy chief executive at AXA Corporate Solutions and head of marine, aviation and space, added: “I am pleased to see our space business expanding, and to be in a position to offer expertise in this very specialised sector, not only to satellite operators but also to our clients from various lines of business which deal with space-related matters through on-the-ground risks.”

The space market remains buoyant despite the financial crisis of recent months. There are still several satellite launches scheduled before the end of 2009, and a dual Ariane 5 launch was successfully achieved at the end of last week