Insurance and reinsurance underwriting group Kiln is the latest entity to launch into the sector which has undergone an increased focus as the market looks at the reallocation of capital as the financial crisis places pressure on cat exposed risks.

Kiln has raided French reinsurance group Scor for its new specialist space underwriter, Laurent Esquirol, who will write business from Kiln’s Paris office.  Paris remains a hub for the European space industry and the capacity will be provided from Kiln’s Lloyd’s syndicates.

Mr Esquirol has been operating in the sector for 15 years, having worked for seven years in the space industry before moving to Scor where, as senior space underwriter for eight years, he developed the space book into a successful business, said Kiln.

He will join aviation underwriter Philippe Daouphars in Paris on 2 November to begin to build the space book.  Capacity for the new account will be supplied by Kiln syndicates 510 and 1880, subject to Lloyd’s approval.

Mr Esquirol said: “I am delighted to be joining Kiln, a business with such an excellent reputation, and ambition to grow in Europe. I look forward to developing this new area at Kiln.”

Olivier Terlinden, Kiln’s regional managing director for Europe said: “It is fantastic to be able to attract someone of Laurent’s calibre and experience to Kiln. Paris has long been recognised as a focal point for space insurance, and Laurent’s track record and the strength of his relationships in this specialist area will complement Kiln’s existing aviation business.”