Poseidon Principles expands associate membership to marine insurance sector

The Poseidon Principles, an initiative whose signatories represent nearly three-quarters of global shipping finance, recently expanded its associate membership to include marine insurers.

The decision to include insurers and related organisations—including P&I clubs, brokers, reinsurers and insurance institutions—as associate members brings the financial services sector together under a single, unified platform to strengthen shipping's decarbonisation efforts.

"Financial institutions and insurers play complementary roles in supporting shipping's decarbonisation, and joining forces strengthens our collective ability to drive that transition,” said Paul Taylor (pictured), Global Head of Maritime Industries at Societe Generale and Chair of the Poseidon Principles. 

With the expansion, the Poseidon Principles for Marine Insurance (PPMI) has officially ceased operations as a distinct entity. The first former PPMI members to join the Poseidon Principles as associate members are:  COSCO SHIPPING Captive Insurance Co., Ltd; CTX Special Risks; Gard AS; Norwegian Hull Club; and Willis.