Philip Smaje Managing Director of Willis Aerospace says the growth in the space market will drive the need for a greater role from the insurance market.

His comments came as the broker has announced it has recruited a new Chief Executive for its specialist space division Willis Inspace.

Roger Bathursthas joined as while previous Chairman and CEO Bill Lloyd will retain the position of Chairman and will support Mr Bathurst on strategy.  

Mr Bathurst will have responsibility for the day-to-day running of Inspace’s global operations and both he and Lloyd will report to Mr Smaje, Managing Director, Willis Aerospace.

Willis says that Mr Bathurst’s appointment “comes at a time of strong growth in the space sector”.

According to The Satellite Industry Association’s (SIA) “2009 State of the Satellite Industry Report,” the worldwide space industry’s revenue grew by 19 percent from 2007 to 2008, compared with a 15 percent increase from 2006 to 2007. The SIA report found that overall revenues for the whole satellite industry totalled $144.4 billion in 2008. 

Mr Smaje said, “The space market is rapidly expanding and to reach new frontiers, the industry needs sophisticated risk management solutions. Roger’s appointment coincides with a period of significant growth in the space industry and signals a new push for Willis Inspace to increase its market share and presence in the space and satellite insurance market.”

Mr Bathurst was most recently CEO of International Space Brokers (ISB), the space arm of Aon Benfield. He began his 30-year career in the industry at Willis Faber Aviation in 1979. In 1982, he joined Leslie and Godwin (later acquired by Aon) where he rose to the position of Executive Director of Aon Aviation, with responsibility for the aerospace division until 1997. In 1998, he joined ISB which was subsequently acquired by Benfield. Having spent three years in ISB’s Washington DC office, Mr Bathurst returned to the UK in 2002 to become CEO of ISB and also to head up Benfield’s aviation team.

 Mr Lloyd added, “Roger is one of the most experienced people in the space industry and his leadership, along with our existing team and talent pool, will help us build on our leading position in this market.”