WO2014055057A1 - Système et procédé de gestion de risque d'investissement dans des compagnies d'opérateurs de satellites - Google Patents

Système et procédé de gestion de risque d'investissement dans des compagnies d'opérateurs de satellites Download PDF

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Publication number
WO2014055057A1
WO2014055057A1 PCT/US2012/000562 US2012000562W WO2014055057A1 WO 2014055057 A1 WO2014055057 A1 WO 2014055057A1 US 2012000562 W US2012000562 W US 2012000562W WO 2014055057 A1 WO2014055057 A1 WO 2014055057A1
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WIPO (PCT)
Prior art keywords
satellite
loss
event
investment
failure
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PCT/US2012/000562
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English (en)
Inventor
Peter D. Nesgos
Original Assignee
Nesgos Peter D
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Publication date
Priority claimed from US13/645,119 external-priority patent/US8442846B2/en
Application filed by Nesgos Peter D filed Critical Nesgos Peter D
Publication of WO2014055057A1 publication Critical patent/WO2014055057A1/fr

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    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/06—Asset management; Financial planning or analysis
    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/08—Insurance

Definitions

  • the present invention relates to investment protection insurance and more particularly to systems and methods to quantify risk for, determine premium rates for and aggregate and protect equityholders and debtholders in publicly and privately traded securities for loss of investment in satellite operator companies in the event of total or partial loss of satellites.
  • Property insurance covering loss or failure of satellites has existed for more than forty years.
  • This insurance is first party property insurance to compensate the owner of a satellite in the event of the total or partial loss of its satellite either as a result of a failure at launch or during the in-orbit lifetime of the satellite.
  • This insurance customarily covered the capital cost of the satellite, the price of the launch services (in the case of launch insurance) and the cost of the premium, usually on an agreed value basis (in the case of launch insurance) or based on the declining net book value of the satellite (in the case of in-orbit insurance).
  • this insurance included a component of business interruption loss and extra expenses incurred in securing replacement capacity or modifying ground equipment to accommodate satellite deficiencies.
  • This insurance has been underwritten traditionally by a specialist property insurance market.
  • the system and method mitigate risk of satellite investment loss.
  • the system and method comprise identifying at least one satellite loss event or failure event for a satellite that will be operated by a satellite operator company.
  • the system and method further comprise identifying actuarial data corresponding to prior satellite loss events or failure events substantially corresponding to the at least one satellite loss event or failure event, wherein the identified actuarial data considers historic differences between average financial performance of debt or equity instruments of satellite operator companies for a period of time immediately before and immediately after a satellite loss event or failure.
  • the system and method further comprise developing an investment loss mitigation insurance policy based at least in part on the identified actuarial data, including a salvage provision within the investment loss mitigation insurance policy, wherein the salvage provision is effective upon total loss of value in the debt or equity instruments.
  • the system and method further comprise offering the investment loss mitigation insurance policy to financial investors holding debt or equity instruments of the satellite operator company.
  • the system and method further comprise placing the investment loss mitigation insurance policy with an underwriting pool.
  • system and method further comprise identifying an actual satellite loss event or failure event, determining whether the actual satellite loss event or failure event is covered by the investment loss mitigation insurance policy, and responsive to determining that the actual satellite loss event or failure event is covered, paying the financial investors.
  • system and method further comprise identifying an actual satellite loss event or failure event, determining whether the debt or equity instruments of the satellite operator company have suffered a total loss of value, determining whether the underwriting pool has salvage rights under the investment loss mitigation insurance policy, and responsive to determining that debt or equity instruments have suffered a total loss of value and that the underwriting pool has salvage rights, transferring financial instruments to the underwriting pool as salvage.
  • the at least one satellite loss event or failure event is a launch failure.
  • the at least one satellite loss event or failure event is a launch loss. In another aspect of the system and method, the at least one satellite loss event or failure event is an in-orbit failure. In another aspect of the system and method, the at least one satellite loss event or failure event is a premature in-orbit loss of capacity.
  • offering the investment loss mitigation insurance policy to financial investors occurs a predetermined number of days before launch. In another aspect of the system and method, offering the investment loss mitigation insurance policy to financial investors occurs after successful in-orbit check- out and a predetermined number of days before annual expiry. In another aspect of the system and method, the underwriting pool is at least partially in a financial products market.
  • the underwriting pool is at least partially in a satellite property insurance underwriting market.
  • identifying actuarial data corresponding to prior satellite loss events or failure events substantially corresponding to the at least one satellite loss event or failure event considers an agreed value of investment based on a set financial instrument value.
  • identifying actuarial data corresponding to prior satellite loss events or failure events substantially corresponding to the at least one satellite loss event or failure event considers an agreed value of investment based on a set financial instrument value.
  • the at least one satellite loss event or failure event for a satellite is a total loss.
  • the at least one satellite loss event or failure event for a satellite is a partial loss.
  • the at least one satellite loss event or failure event for a satellite is a reduction in expected lifetime.
  • the at least one satellite loss event or failure event for a satellite is a reduction in available power.
  • debt or equity securities are transferred from the underwriting pool to a remarketing agent, at a discount.
  • the system and method mitigate risk of satellite investment loss.
  • the system and method comprise identifying at least one satellite loss event or failure event for a satellite that will be operated by a satellite operator company.
  • the system and method further comprise identifying actuarial data corresponding to prior satellite loss events or failure events substantially corresponding to the at least one satellite loss event or failure event, wherein the identified actuarial data considers historic differences between average financial performance of debt or equity instruments of satellite operator companies for a period of time immediately before and immediately after a satellite loss event or failure.
  • the system and method further comprise developing an investment loss mitigation insurance policy based at least in part on the identified actuarial data, including a salvage provision within the investment loss mitigation insurance policy, wherein the salvage provision is effective upon partial loss of value in the debt or equity instruments.
  • the system and method further comprise offering the investment loss mitigation insurance policy to financial investors holding debt or equity instruments of the satellite operator company.
  • the system and method further comprise placing the investment loss mitigation insurance policy with an underwriting pool.
  • system and method further comprise identifying an actual satellite loss event or failure event, determining whether the debt or equity instruments of the satellite operator company have suffered a partial loss of value, determining whether the underwriting pool has salvage rights under the investment loss mitigation insurance policy, and responsive to determining that debt or equity instruments have suffered a partial loss of value and that the underwriting pool has salvage rights, sharing any future upside in financial performance as salvage.
  • FIG. 1 illustrates a system according to an example embodiment
  • FIG. 2 illustrates relationships between parties in a system according to an example embodiment
  • FIG. 3 illustrates steps in a method according to an example embodiment
  • FIG. 4 illustrates steps in a method according to an example embodiment
  • FIG. 5 illustrates steps in a method according to an example embodiment
  • FIG. 6 illustrates steps in a method according to an example embodiment
  • FIG. 7 illustrates steps in a method according to an example embodiment
  • FIG. 8 illustrates steps in a method according to an example embodiment
  • FIG. 9 illustrates steps in a method according to an example embodiment.
  • systems and methods provide insurance to protect against loss of investment value of a shareholder or bondholder of a satellite operator with publicly or privately traded securities resulting from catastrophic loss or failure of a satellite at launch or while in orbit.
  • the system and method is designed for financial investors in publicly and privately traded satellite operator companies (although it is not limited to this class of insured).
  • the system and method is offered to all or nearly all investors creating an insured pool or group, thereby reducing potential insurance capacity issues (i.e. numerous individual investors seeking more insurance than is available with respect to the same risk, or multiple potential insureds using different policy terms and conditions).
  • the placement process may be unique in that it entails the aggregation of insureds by an offer to subscribe to a particular placement during a predetermined period of time, such as 30-90 days before launch or, for in-orbit insurance, such as 30-90 days before annual expiry.
  • the terms of the participation of investors as represented by the agent would be embodied in a separate investor agency agreement.
  • the insurance could be placed in conjunction with the satellite operator placement, but it is not necessarily so placed.
  • coverage under the system and method may be placed in the financial products as well as the satellite property insurance underwriting markets.
  • insurance under the system and method may be available for launch and initial in-orbit placement and for in-orbit risks while a satellite is in-orbit.
  • coverage under the system and method may apply to satellites (or a payload thereof) that satellite operators own or to satellites that satellite operators lease or purchase all (or a significant proportion) of the capacity thereon.
  • insurance under the system and method may be rated based on historical share and bond performance after a satellite loss or failure versus on the loss experience for the satellite and, in the case of launch coverage, its launch vehicle.
  • loss under the system and method may be determined based on one of the following: (1) the difference between average share/bond performance for a period of time immediately before and after a satellite loss or failure; (2) an agreed value of the investment based on a set share or bond price; or (3) the intrinsic value of the stock or debt of the company based on recognized value metrics or methodologies.
  • types of loss scenarios covered under the system and method may be varied, depending on the insured's requirements: total loss only; total/constructive total loss; comprehensive; total/constructive total/partial loss; reduction in expected lifetime; reduction in available power.
  • the period of coverage under the system and method may be varied, depending on the insured's requirements: e.g., launch through separation; launch through in-service acceptance, launch plus one year, annual for in-orbit.
  • salvage available to insurers under the system and method may be different from satellite property insurers as it would be based on a transfer of the shares or bonds for which a loss has been paid or a sharing of any future upside in share/bond performance, such as in the case of partial loss coverage.
  • separate arrangements under the system and method may be structured with insurers and one or more distressed equity/debt fund buyers to facilitate the sale of any shares/bonds that insurers have received as salvage.
  • separate arrangements under the system and method may be arrived at with satellite manufacturers and launch services providers to assist in the description of the risk at underwriter presentations (either in conjunction with the satellite operator placement or separately) and in the presentation and settlement of any claim.
  • separate agreements under the system and method may be developed with the satellite operator whereby the operator would share loss formulations, provide insureds with notices of occurrence and proofs of loss and assist in claims settlement.
  • the system and method may use various different methods to identify actuarial data corresponding to prior satellite loss events or failure events.
  • the system and method may undertake a study of share/bond performance of satellite operators based on performance of shares/bonds before and after satellite loss or failure. Such a study may involve total and partial losses and also different size satellite operators (those that operate one or a small number of satellites versus those that operate a large fleet). Such a study may also consider performance of shares/bonds after successful launch to determine value enhancement. Such a study may also run sensitivity analyses based on different criteria to determine whether additional factors influence share/bond performance (e.g., market served, competition, capacity pricing, availability of replacement capacity) and weight factors based on an agreed formula.
  • share/bond performance e.g., market served, competition, capacity pricing, availability of replacement capacity
  • the system and method may also determine a premium rating based on historical investment loss data not on satellite/launch vehicle failure data (e.g., rate for multi-satellite operator should be far less than for a single satellite operator whether or not satellite is considered risky).
  • the system and method may retain a share/bond- tracking agent or consultant to provide and maintain current lists of satellite operator shareholders and bondholders of publicly and privately traded satellite operators.
  • the system and method may conduct an assessment of distressed value (post loss) and set up a facility for insurers to trade back bonds to vulture funds, for a commission payable by insurers to placing broker.
  • distressed value post loss
  • the system and method may use various different methods to place coverage with an underwriting pool.
  • the system and method may select licensed, experienced space insurance broker(s) to place insurance.
  • the system and method may also identify lead underwriter(s) knowledgeable in financial risks and satellite coverages.
  • the system and method may establish a pool of rated underwriters to market placements.
  • the system and method may monitor launch activity involving publicly and privately traded satellite operators and timely approach prospective insureds.
  • the system and method may identify risk profile, involving coverage period, loss formulation and insured value. In one or more embodiments, the system and method may establish an insured group. In one or more embodiments, the system and method may negotiate investor agency agreements regarding identifying insured parties, insured securities, relative shares/premium obligations, loss formula and obligations of agent. In one or more embodiments, the system and method may coordinate underwriter presentations independently or in conjunction with the satellite operator. In one or more embodiments, the system and method may develop an appropriate rating, conclude the policy, and complete placement.
  • the system and method may use various different methods to develop the underlying policies.
  • the system and method may develop modular, standard form policy adaptable to various risk profiles.
  • the system and method may develop an approach to definition of what constitutes loss or failure matching or based on satellite operator's insurance (or default to or cross-reference satellite operator's policy).
  • the system and method may tailor conditions standard in satellite property policies to nature of insured group (e.g., no due diligence condition and limited insureds' duties regarding notice of occurrence and proof of loss (link to satellite operator obligations under separate satellite operator insurance)).
  • the system and method may provide a form of breach of warranty cover whereby the insured group may rely on the launch or in-orbit insurance policy of the satellite operator but not be deemed coverage under its separate investment protection insurance in the event an act or omission of the satellite operator voids or nullifies its own coverage.
  • the system and method may provide that salvage for insurers upon payment of the claim would be the shares or bonds held by the insured in the event of full coverage and total/constructive total loss (or no salvage or shared/all upside if shares/bonds trade up over time for partial losses, if covered). This may also include creation of a distressed sale facility with a vulture fund.
  • the system and method may consider creating a standard form agreement with a satellite operator for coordinated placement of the policy and satellite operator launch/in-orbit insurance including placement strategy, underwriter presentations, determination of loss definitions and responsibilities for preparing and filing notices of occurrence and proofs of loss.
  • the system and method may include provisions under the investment protection insurance policy providing salvage rights for the underwriters, taking the form of transferring financial instruments (securities) to the underwriters for which a claim for loss has been made or a sharing of any future upside in share/bond performance, such as in the case of a partial loss.
  • the investment protection insurance policy providing salvage rights for the underwriters, taking the form of transferring financial instruments (securities) to the underwriters for which a claim for loss has been made or a sharing of any future upside in share/bond performance, such as in the case of a partial loss.
  • the availability of salvage to underwriters may influence the premium rate charged by them for the investment protection insurance policies they underwrite.
  • the system and method may consider whether there has been a total or a partial loss claimed in determining the nature of the available salvage.
  • the loss claimed is not necessarily based on the proper functioning of the satellite (see first trigger event as described elsewhere) but on the performance of the investment security (stock or bond) (see second trigger event described elsewhere).
  • only if there is complete loss of value in the investment security will the available salvage be the actual security itself. This implies a transfer of rights, title and interest in and to the investment security from the insured investor to the underwriters upon payment of a claim, in accordance with the terms of the investment protection insurance policy.
  • the nature of the salvage right in the case of investment securities suffering a partial diminution in value is not an assignment of title in and to the investment security. Rather, salvage in the context of a partial loss is a prospective sharing of any improved performance over time of the investment security that is the subject of coverage. Whether or not the insured investor allows for salvage under its investment protection insurance policy in the partial loss scenario is a matter of negotiation with the underwriters and is reflected in the final premium charged. As well, an added refinement of the salvage rights in the context of a partial loss is the determination of: (1) the portion of sharing as between the insured investor and the underwriters (e.g.
  • the underwriters benefit from a collateral security interest in the investment securities to the extent of their rights in any upside performance.
  • the underwriters are provided options to call the investment securities at certain prescribed times, likely only if the securities would then be "in the money".
  • Salvage in the partial loss scenario presents greater complexity than in the total loss scenario and has numerous permutations that are factored into the system and method for managing investment risk.
  • salvage for total loss can be managed, streamlined and maximized.
  • the underwriters under the investment protection insurance policy are generally not engaged in the business of remarketing securities and will not likely have ready access to prospective buyers of distressed securities, such as so-called vulture funds.
  • the system and method create a remarketing agency agreement giving underwriters that are salvage beneficiaries, as transferees of investment securities, the avenue of selling their interests to a remarketing agent, at a discount. In this way, underwriters can expeditiously monetize their salvage interest and the remarketing agent has the responsibility (and assumes the risk) of finding buyers able to assess the value and risk of the investment securities.
  • the system and method for identifying an actual satellite loss event or failure event determine whether the event is covered by the investment protection insurance policy and whether a claim is payable to the financial investors as insureds.
  • An important clarification as to the system and method of coverage is the loss formulations included in the investment protection insurance policies. This involves a "double trigger" event.
  • the first or initial trigger is a physical loss of or damage to the satellite resulting from the malfunction of the launch vehicle transporting the satellite or a mechanical or operational malfunction of the satellite, occurring during launch, during initial in-orbit testing or thereafter during the operational life of the satellite in-orbit. Without this first or initial threshold trigger event or occurrence, there can be no further progress to the second trigger event, which is the actual diminution in value of the investment security (share or bond) as determined on the date of
  • the first trigger event is a technical formulation based on the satellite performance specifications as specified in the satellite purchase agreement.
  • the second trigger event is a determination made by reference to the trading price of the security available on a public stock exchange or based on a recognized market database or as determined by a valuation expert.
  • the system and method provide the formulation for calculating the loss amount based on the performance of the investment securities that are insured.
  • the method of calculation of the insured value of the investment securities requires establishing the market price of the investment security as of the business day preceding the launch and the average market price over a delineated period of time following the launch.
  • investment protection in-orbit coverage involving the operation of a specific satellite or fleet of satellites over the course of a period of time (e.g.
  • the method of calculation of the insured value of the investment securities requires establishing the market price of the investment securities as of the business day preceding the total, constructive total or partial loss of the subject satellite or satellites and the average market price over a specified period of time following the loss event. The difference in these price amounts dictates whether a loss claim is payable under the investment protection insurance policy.
  • the price is determined based on the published exchange price.
  • the price is determined based on recognized private databases or by independent valuation experts. The methodology selected of taking a running average is to avoid uncorrelated price performance on any given day and rather track performance over the period following the event.
  • Selecting the period of time will also be the subject of determination as the longer the period of time following the loss event, the greater likelihood there will be that the investment securities price will be affected by factors extraneous to the loss event itself, which may be specific to the satellite operator company or which are related to macro-economic factors or political events affecting securities prices generally in the marketplace. As well, experience has shown that the longer the period, the greater the likelihood that the investment securities price will stabilize after an expected drop surrounding the public announcement of a satellite failure. Underwriters can develop a premium calculation formula based on the period of coverage and the investors have the ability to select a period that corresponds to their risk appetite. For example, the period could range from 30 to 120 days.
  • the investment protection insurance policy can also be structured to permit one or more extensions of the period of coverage with additional premium amounts payable as the coverage period is extended.
  • the system and method determine the type of coverage, being total loss, constructive total loss or partial loss. This refers to the first trigger event described elsewhere.
  • the system and method accommodate insured preferences and attendant premium cost by differentiating type of coverage, duration of coverage and scope of coverage.
  • the investment protection insurance can apply only to certain types of loss events that are considered by the investor/prospective insured likely to have an impact on its investment. Therefore, the investor/insured may choose to limit the first trigger event to total loss only of the satellite, thereby assuming the risk of investment loss if the satellite suffers a constructive total loss or partial loss.
  • the investor/insured may choose to seek coverage for a specific launch or a specific satellite over a narrowly defined period of time.
  • the investor/insured may choose to benefit from coverage extending over a fleet of satellites such that the loss of any one or more within the fleet would trigger the basis for a claim.
  • This may include a satellite "excess-of-loss" deductible which may be desirable depending on the satellite operator company's fleet size and composition.
  • Other deductible structures may include dollar amount deductibles (whereby the
  • the scope of coverage in the system and method relates to the imposition of a "collar" -based loss whereby no claim is made where the investment securities trade within a range following the satellite loss event.
  • the system and method contemplate both "follow- form” and "stand-alone” investment protection insurance policies.
  • the scope of coverage can be structured to combine investment protection coverage into the satellite operator company's own first party property satellite insurance coverage by bifurcating and separating the insured amounts and the named insureds and sharing common terms. This improves efficiencies in placement and claims adjustment where the insurers for both types of insurance are common.
  • the system and method provide a placement process that entails the aggregation of insured investors by an offer to subscribe to a particular placement during a predetermined period of time.
  • the terms of the participation of investors as represented by the agent are embodied in a separate investor agreement.
  • the insurance can be placed in conjunction with the satellite operator company placement, but not necessarily. Further refinement of this process relates to the use of this investment protection method to enhance the creditworthiness of a satellite operator company and thereby facilitate financing for one or more specific satellites.
  • one or more embodiments of the system and method facilitate the securing of the additional investment but provide investors the opportunity to subscribe to an investment protection insurance policy to protect investment loss in the event that the financed satellite fails at launch or thereafter. Since the investors have recourse to insurance to cover loss of investment value, the pricing of the investment or financing is enhanced.
  • the investment protection insurance policy can be arranged by the satellite operator company for the benefit of prospective investors (who may or may not choose to subscribe) and the cost of the insurance can be factored into the overall cost of the satellite financing.
  • Refinement of the investor agreement whereby the investment protection can be arranged in advance of the financing campaign and offered as a credit enhancement is an additional feature of one or more embodiments of the system and method.
  • the system and method can be used to facilitate new financing and encourage new investors to participate and not simply be available to protect existing investment in satellite operator companies.
  • an example of system 100 includes satellite operator 102, satellite launch services provider 104, satellite builder/manufacturer 106, investors 108, underwriter(s) 1 10, and shared risk pool/underwriting market 1 12.
  • satellite operator 102, satellite launch services provider 104, satellite builder/manufacturer 106, investors 108, underwriter(s) 1 10, and shared risk pool/underwriting market 1 12 are electronically interconnected by network 1 14.
  • satellite operator 102, satellite launch services provider 104, satellite builder/manufacturer 106, investors 108, underwriter(s) 1 10, and shared risk pool/underwriting market 1 12 include various forms of computers and associated peripherals and components.
  • Network 1 14 may be one or more of a local area network (LAN), a wide area network (WAN), the Internet, or the public switched telephone network (PSTN).
  • LAN local area network
  • WAN wide area network
  • PSTN public switched telephone network
  • Satellite operators 102 make or place investments with satellite operators 102, in the form of stock purchases or subscriptions, or bond purchases. Satellite operators 102 enter into satellite purchase agreements with satellite builders/manufacturers 106.
  • Satellite operators 102 also enter into launch services agreements with satellite launch service providers 104. Satellite operators 102 also obtain launch and in-orbit insurance from insurance market 1 12, procuring insurance from underwriters through the services of space insurance brokers 1 10. Investors 108 also obtain investment protection insurance from insurance market 1 12, procuring insurance from underwriters through the services of space insurance brokers 1 10. Space insurance brokers 1 10 place the policies of investors 108 and satellite operators 102 with investment protection policy insurers 202 and satellite operator policy insurers 204 respectively.
  • system 100 identifies financial investors 108 in a satellite operator company 102.
  • system 100 identifies and/or proves that investors 108 have an insurable interest.
  • system 100 quantifies the type and value of loss to be insured.
  • system 100 determines the type of coverage. Types of coverage may include but are not limited to: total loss only; total loss and constructive total loss; and total loss and partial loss.
  • system 100 determines the coverage period. Coverage periods may include but are not limited to: launch only; post-separation only; launch and post- separation for up to 1 year.
  • system 100 determines the type of policy, using information determined and identified in steps 302-310.
  • system 100 determines whether satellite operator 102 will cooperate in placement of the policy.
  • system 100 determines that satellite operator 102 will cooperate, then at step 316, system 100 issues a follow-form policy.
  • FIG. 4 illustrates additional steps involved in the issue of a follow-form policy.
  • system 100 determines that satellite operator 102 will not cooperate, then at step 318, system 100 issues a stand-alone policy.
  • FIG. 5 illustrates additional steps involved in the issue of a stand-alone policy.
  • system 100 determines at step 402 whether there has been a failure event or loss event.
  • system 100 determines whether the policy has expired.
  • step 406 the process ends.
  • system 100 determines whether the failure event or loss event is within the scope of the investment protection policy and the satellite operator policy.
  • system 100 loops to step 402.
  • system 100 determines whether the claim is payable under the investment protection insurance and under the satellite operator policy.
  • step 414 If the claim is not payable under the investment protection insurance and under the satellite operator policy, no claim is paid at step 414 for the failure event or the loss event, and system 100 loops to step 402.
  • system 100 determines whether the issuer of the investment protection insurance has salvage rights.
  • step 418 the financial instruments are transferred to the insurer or any future upside in financial instrument performance may be shared, in either case, as salvage and the process ends at step 406.
  • system 100 determines at step 502 whether there has been a failure event or loss event.
  • system 100 determines whether the policy has expired. If the policy has not expired, then system 100 loops to step 502. If the policy has expired, then at step 506 the process ends.
  • system 100 determines whether the failure event or loss event is within the scope of the investment protection policy. If the failure event or loss event is not within the scope of the investment protection insurance policy, then system 100 loops to step 502.
  • system 100 determines whether the claim is payable under the investment protection insurance policy.
  • step 514 If the claim is not payable under the investment protection insurance policy, no claim is paid at step 514 for the failure event or the loss event, and system 100 loops to step 502.
  • system 100 determines whether the issuer of the investment protection insurance policy has salvage rights.
  • step 518 the financial instruments are transferred to the insurer or any future upside in financial instrument performance may be shared, in either case, as salvage, and the process ends at step 506.
  • step 602 another example method begins at step 602 with system 100 identifying events of potential satellite loss or failure.
  • loss or failure events There are many possible loss or failure events, some of which might include: failure before hold-down release; failure during main engine burn; booster separation failure; on-orbit check-out failure; total on-orbit power or propellant loss; and partial on-orbit power or propellant loss.
  • system 100 then identifies a plurality of individual investors 108 who have invested in the satellite operator 102 and are interested in purchasing investment loss mitigation insurance.
  • system 100 identifies actuarial data corresponding to similar events of satellite loss or failure.
  • system 100 develops an investment loss mitigation insurance policy based on actuarial data corresponding to similar events of satellite loss or failure.
  • system 100 offers the investment loss mitigation insurance policy to the identified financial investors 108.
  • system 100 places the investment loss mitigation insurance policy for subscribing investors 108 with an underwriting pool 1 10.
  • system 100 determines whether a loss or failure event has occurred. If at step 614 system 100 determines that no loss or failure event has occurred, then at step 616, system 100 determines whether the policy has expired. If the policy has not expired, system 100 loops to step 614. If the policy has expired, system 100 ends at step 618.
  • system 100 determines whether the loss or failure event is within the scope of the policy. If the loss or failure event is not within the scope of the policy, then system 100 loops to step 614.
  • system 100 pays investors 108 under the policy terms for the loss or failure event.
  • system 100 determines whether the policy issuer has any salvage rights, and if not, the process ends.
  • system 100 determines whether that the policy issuer has salvage rights, then at step 626 the financial instruments are transferred to the underwriter or any future upside in financial instrument performance may be shared, in either case, as salvage, and the process ends.
  • FIG. 7 illustrates steps in a method to cover total or partial loss in value of the financial instruments.
  • system 100 determines whether the financial instruments have lost all value, or whether the value lost is only partial. If, at step 702, system 100 determines that the loss in value of the financial instruments was total, then at step 704, system 100 transfers all rights, title and interest in and to the financial instruments from the investor to the policy issuer.
  • system 100 transfers the financial instruments from the policy issuer to a remarketing agent. If, at step 702, system 100 determines that the loss in value of the financial instruments lost was partial, then at step 708, system 100 determines the prospective sharing between the investor and the policy issuer.
  • system 100 determines the portion of sharing between the investor and the policy issuer.
  • the respective portions are subject to negotiation (e.g. 50/50 or 75/25 ).
  • system 100 system 100 determines the period of performance for sharing between the investor and the policy issuer. The period is subject to negotiation (e.g., three, six, or twelve months after the loss date).
  • system 100 determines the method of sharing between the investor and the policy issuer. The method of sharing is subject to negotiation (e.g., securities liquidated, or issuer entitled to share only upon sale).
  • FIG. 8 illustrates steps in a method to provide launch coverage.
  • system 100 determines the market price of the financial instruments as of the business day immediately preceding launch.
  • system 100 determines the average price of the financial instruments over a delineated period following launch.
  • FIG. 9 illustrates steps in a method to provide in-orbit coverage.
  • system 100 determines the market price of the financial instruments as of the business day immediately preceding the loss event.
  • system 100 determines the average price of the financial instruments over a delineated period following the loss event.

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Abstract

Afin de limiter le risque de perte d'investissement dans des satellites, un événement de perte ou de panne d'un satellite qui doit être exploité par une compagnie d'opérateurs de satellites est identifié. Des données actuarielles, correspondant à des événements antérieurs de perte ou de panne de satellite correspondant sensiblement à l'événement de perte ou de panne de satellite, sont identifiées. Une politique d'assurance sur la limitation des pertes d'investissement basée au moins en partie sur les données actuarielles identifiées est mise au point. La politique d'assurance sur la limitation des pertes d'investissement comprend une clause de sauvetage. La politique d'assurance sur la limitation des pertes d'investissement est offerte à des investisseurs financiers identifiés. La politique d'assurance sur la limitation des pertes d'investissement est placée auprès d'un pool de souscription.
PCT/US2012/000562 2012-10-04 2012-11-26 Système et procédé de gestion de risque d'investissement dans des compagnies d'opérateurs de satellites WO2014055057A1 (fr)

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
US13/645,119 US8442846B2 (en) 2007-02-28 2012-10-04 System and method for managing investment risk in satellite operator companies
US13/645,119 2012-10-04

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WO2014055057A1 true WO2014055057A1 (fr) 2014-04-10

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Citations (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20060100912A1 (en) * 2002-12-16 2006-05-11 Questerra Llc. Real-time insurance policy underwriting and risk management
US20080221937A1 (en) * 2007-02-28 2008-09-11 Nesgos Peter D System and method for managing investment risk in satellite operator companies
US20090265193A1 (en) * 2008-04-17 2009-10-22 Collins Dean Methods and systems for automated property insurance inspection

Patent Citations (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US20060100912A1 (en) * 2002-12-16 2006-05-11 Questerra Llc. Real-time insurance policy underwriting and risk management
US20080221937A1 (en) * 2007-02-28 2008-09-11 Nesgos Peter D System and method for managing investment risk in satellite operator companies
US20090265193A1 (en) * 2008-04-17 2009-10-22 Collins Dean Methods and systems for automated property insurance inspection

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