Skyrisks Ltd., the London-based MGA and specialist in the advanced air mobility (AAM) sector, has officially launched with capacity and a cornerstone investment from Convex Group, the specialty re/insurer.

Financial details of Convex’s investment were not disclosed.

Skyrisks said the AAM sector embodies the future of aviation, leveraging revolutionary new aircraft, such as the new breed of electric vertical takeoff and landing (eVTOL) aircraft, and a broad array of innovative technologies to ensure the safe, quick, affordable and sustainable movement of people and goods.

Skyrisks offers insurance capacity and coverage for operators of eVTOL aircraft; electric short take-off and landing (eSTOL) aircraft; and conventional take-off and landing (eCTOL) aircraft. Other coverage areas include autonomous and remotely piloted aircraft system (RPAS) fleets; manufacturers of AAM aircraft and major components; suppliers and distributors of AAM component parts; AAM service, maintenance and repair operations; vertiport construction and operations; AAM airspace management infrastructure and services; alternative aviation fuels and powertrains; and next generation avionics and technologies.

The formation of the company with its intent to use Convex capacity was first announced in March 2023. Skyrisks was first incorporated in January.

“Innovative insurance is a core enabler for the successful adoption of revolutionary aircraft, power systems and next-generation infrastructure,” said Alistair Blundy, chief executive officer of Skyrisks. “We meet the emerging risk landscape with proactive appetite, bespoke solutions, and A-rated insurance capacity. We are open for business and accepting submissions. The foundational reception and support from broker partners is outstanding.”

Mike Hansen, head of Aerospace at Convex, commented: “Our approach to sustainability is integral to and integrated in Convex’s strategy. The very purpose of commercial insurance is to support the sustainability of business activities. That is why we are committed to advancing the sustainability agenda across the aviation sector in a long-term partnership with Skyrisks, the leaders in AAM insurance.”

Shelley Lyddon-Mills, chief actuary Bermuda at Convex, will join the Board of Directors of Skyrisks.

“We are on a mission to be a market leader in AAM insurance. A key driver of our innovative edge will stem from the ability to integrate multiple data sources into a sophisticated API-enabled pricing engine, unlocking valuable metrics and empowering us to walk side-by-side with AAM companies as they grow,” Lyddon-Mills said.

Source: Skyrisks

Photograph: The Ryse Recon is shown during the CES tech show on Jan. 6, 2023, in Las Vegas. The Recon ultralight is a one-passenger eVTOL multicopter aircraft with a top speed of 63 mph (101 km/h) and has a range of 25 miles (40 km). The aircraft sports six propellers, six electric motors, an open cockpit and open-framed fuselage. The multicopter is capable of making land-based and water takeoffs and landings. (AP Photo/Rick Bowmer)