July 12, 2019 / 9:29 AM / 2 months ago

Munich Re among insurers for Vega rocket, UAE satellite

FRANKFURT/LONDON, July 12 (Reuters) - Munich Re is one of the insurers for the European Vega rocket which failed after take-off on Thursday, destroying a military observation satellite about to be placed in orbit for the United Arab Emirates, a Munich Re spokesman said.

The combined insurance policy for the rocket and satellite totalled 369 million euros ($415.57 million) and is the largest ever space insurance loss, said David Todd, head of space content at satellite analysis firm Seradata. ($1 = 0.8879 euros) (Reporting by Tom Sims and Carolyn Cohn, Editing by Iain Withers)

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