Topic: Aviation and Aerospace

Boeing Prevails in Satellite Arbitration

Boeing Company has announced in its recent 10-K filing (9 February 2009) that it has prevailed in an arbitration brought by insurers in respect of a defective model 702 satellite.   Insurers of Thuraya Satellite Telecommunications (Thuraya) commenced arbitration in 2004 alleging that Boeing Satellite Systems International, Inc. (BSSI) breached its contract with Thuraya for the sale of a satellite that experienced power loss issues. 

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Another Reinsurer to Enter the Growing Middle Eastern Market

Arch Capital Group Ltd. (“Arch”)  has announced it will enter the emerging reinsurance market in the Middle East.  Gulf Re, a new reinsurer backed by Arch and the government-funded entity Gulf Investment Corp., will be based in the Dubai International Financial Centre and begin underwriting in that region upon receiving regulatory approval. 

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