Aon To Take A Risk With Orbital Recovery

TECH SPACE

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Washington - Oct 22, 2002
Aon Space will provide insurance brokering and risk management services for Orbital Recovery Corporation, which is developing a unique space tug to extend the operational lifetimes of in-orbit telecommunications satellites.

Aon Space will assist Orbital Recovery Corporation in identifying mission opportunities and arranging insurance for operations of the Geosynch Spacecraft Life Extension System (SLES) a spacecraft that will supply propulsion, navigation and guidance to keep a telecom satellite in its proper orbital slot for up to 10 additional years.

"We are pleased to have Aon Space as a member of the growing Orbital Recovery team," Walt Anderson, Orbital Recovery Corporation's chief executive officer, said. "Its experience will be extremely valuable as we move SLES into the development and operational phases."

Aon Space will be an active partner of Orbital Recovery Corporation. Its tasks will include identifying opportunities for the SLES to retrieve, salvage and reposition telecommunications satellites, as well as the brokering of insurance for SLES missions.

"The in-orbit recovery of a satellite is a challenging task from all points of view, and we look forward to working with Orbital Recovery Corporation in making the exciting SLES concept a reality," said Aon Space Managing Director Jean-Michel Eid.

"In addition to working with satellite operators, insurers and underwriters on SLES mission opportunities, Aon Space also will support Orbital Recovery Corporation with business, technical and contractual risk management assessments."

Orbital Recovery Corporation is developing the SLES as a novel concept to significantly prolong operating lifetimes of valuable telecommunications satellites - which today are junked when their on-board fuel supply runs out.

In addition, the SLES will be used to rescue spacecraft that have been placed in a wrong orbit by their launch vehicles, or which have become stranded in an incorrect orbital location during positioning maneuvers.

Definition work on the SLES has been completed, and Orbital Recovery Corporation is creating its industrial team by seeking competitive bids for spacecraft hardware and systems from international suppliers. First flight of the SLES is targeted for 2004.

Aon Space is one of the world's leading space brokers, and is part of Aon Corporation a Fortune 500 company involved in risk management, retail, reinsurance and wholesale brokerage, claims management, specialty services, and human capital consulting services. Aon Corporation has an employee base of 53,000 people working in 550 offices in more than 120 countries.

TECH SPACE

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