Hartford, Connecticut-based drone manufacturer Aquiline Drones is the first in the U.S. to establish its own insurance subsidiary. (Photo: Aquiline Drones)
Aquiline Drones Corporation, based in Hartford, Connecticut, has become the first drone manufacturer in the U.S. to create its own insurance subsidiary (ADIC). Barry Alexander, Founder and CEO of Aquiline Drones (AD), stated in the company’s announcement, “Our goal is to introduce various aspects of safety at every level and opportunity in a UAV/drone operations environment, for every drone business or individual operator, in keeping them safe and compliant as well as protecting the interest of the general public.”
AD was established in January 2019 after four years in incubation. The recent creation of ADIC serves to meet the parent company’s various risk management needs and to help ensure AD’s profitability by providing tax advantages. With this insurance license, AD can assume the risk of all of its companies and insure its partners and affiliates. Additionally, this development allows AD to indemnify its product and service offerings as well as the products used by the company’s professional drone service providers across the country.
Aquiline Drones' Spartacus MAX (Photo: Aquiline Drones)
Benefits resulting from the newly formed captive insurance company include “writing insurance policies to cover multiple lines of commercial UAV/drone operations which are based on AD’s definitive risk mitigation and management protocols,” according to the press release. These operations range from drone manufacturing and safety training to cloud-connected drone operations.
In an interview conducted via email, Aquiline Drones founder Barry Alexander told Avionics International that the company is set to achieve several milestones in 2022. The first of their goals is “to establish the AD Drone and Cloud Technology Ecosystem as the national de facto standard for advanced commercial drone operations and UAV mission management applications.” Second, he expects Aquiline Drones’ IPO to take place by mid-summer. Third, by March, two strategic acquisitions that are currently underway will be announced. Another priority this year: “Making Aquiline Drones Indemnity Corporation the national standard for commercial drone liability insurance—products and services,” said Alexander.
Pictured: CEO Barry Alexander, who founded Aquiline Drones in January 2019 after a four-year incubation phase (Photo: Aquiline Drones)
AD announced a partnership in December 2020 with Drone Volt, a publicly-traded French drone manufacturer. Just a few months later, they acquired 50% of UAS manufacturer AerialTronics from Drone Volt, a $9 million purchase. AD next acquired ElluminAi Labs in September 2021 in order to support further development of the Spartacus AI framework. In the same month, the company announced a teaming agreement with AWARE—an incident response platform that enhances situational awareness in a crisis—“to enhance the ability to comprehensively respond to any emergency incident,” Alexander commented.
The most common applications for AD’s drones include search and rescue, law enforcement, asset inspections, fighting fires, and perimeter security, according to Alexander. In the coming years, he predicts “a more rapid adoption of drone services in areas and applications that have greater societal impacts such as life-saving scenarios and other areas where danger to man is minimized, such as first-responder services—i.e., law enforcement, firefighting, EMS, and search and rescue.”