The FINANCIAL -- Swiss Re Corporate Solutions, the commercial
insurance arm of Swiss Re Group, is joining forces with Solar Impulse,
the world’s first purely solar powered airplane able to fly through the
night, as its Official Insurance Provider.
Swiss Re Corporate Solutions will now support Swiss aviation pioneers Bertrand Piccard and André Borschberg's ambition to fly around the world powered only by solar energy by becoming the sole insurer of the revolutionary airplane.
Swiss Re Corporate Solutions' partnership will give Solar Impulse the security of a full insurance solution and additional financial support with which to pursue their ambition to fly around the world using only solar energy. As Swiss Re reported, the partnership is an important step allowing Solar Impulse to continue to promote the technologies which will reduce energy consumption, minimize society's dependence on fossil fuels and increase awareness of the potential for renewable energies such as solar power.
2012 has been an important year and stepping stone for Solar Impulse, which completed its first InterContinental flight by connecting Europe to Africa via seven legs and 6000km. This journey placed the company at the forefront of public perception, making it an important benchmark for the development of solar power and a sustainable global energy mix.
"This partnership is an excellent fit between two organisations who share a belief that innovation can flourish when knowledge and expertise is combined across industries," says Agostino Galvagni, CEO of Swiss Re Corporate Solutions. "Swiss Re Corporate Solutions is showing that it has the expertise to match Solar Impulse's needs on a project which will potentially revolutionise the way we power society."
Bertrand Piccard, Initiator and Chairman of Solar Impulse, welcomes this new partnership. "When my grandfather completed the first flight into the stratosphere in 1931, nobody wanted to insure him! Today, Swiss Re Corporate Solutions has proven its pioneering spirit by insuring a revolutionary experimental prototype."
Swiss Re has a long track record advocating the importance of renewable energy and clean technologies. Through its Corporate Solutions business unit, Swiss Re has a wealth of expertise in insuring large-scale aviation, engineering, construction and renewable energy projects along the entire value chain. Such insurance solutions are important enablers of innovation because they mitigate the financial risks and improve the bankability of pioneering projects.
"This partnership with a specialist in risk mitigation like Swiss Re Corporate Solutions will strengthen the team to further improve the reliability and the safety of the flight around the world," explains André Borschberg, co-founder and CEO of the project.