Cosco shipping captive joins the Poseidon Principles for marine insurance
The Poseidon Principles for Marine Insurance create a common global baseline for assessing and disclosing the alignment of marine insurance portfolios with climate goals.
“We are delighted to be the first Asian marine hull insurance company to sign up for the Poseidon Principles for Marine Insurance (PPMI). Joining PPMI is aligned with Cosco Shipping Group and Cosco Shipping Captive’s strategy towards green shipping and green finance. We are happy and motivated to work with all stakeholders to promote marine de-carbonization and marine industry’s sustainable transition and growth,” says Zheng Xiaozhe, Chairman of the Board, COSCO SHIPPING Captive Insurance.
Two Asia-based organizations are already members of the Poseidon Principles for Marine Insurance: Singapore’s EF Marine and Hong Kong’s CTX Special Risks.
“It is essential to the mission of the Poseidon Principles for Marine Insurance that our membership reflects the diversity of the maritime industry. I am proud to welcome COSCO SHIPPING Captive Insurance to our framework for responsible marine insurance as they bring us a big step closer to this goal,” adds Patrizia Kern-Ferretti, Head Marine, Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance.
COSCO SHIPPING Captive Insurance joins Cambiaso Risso, Cefor, CTX Special Risks, EF Marine, Gallagher, Lochain Patrick Insurance Brokers, Lockton, and Willis Towers Watson as an Affiliate member of the Poseidon Principles for Marine Insurance.
Signatories include AXA XL, Fidelis Insurance, Gard, Hellenic Hull Management, Navium Marine, Norwegian Hull Club, SCOR, Swiss Re Corporate Solutions, and Victor Insurance.
International Union of Marine Insurance is a supporting partner.
Other responsible actors within the maritime insurance space are invited to join.
Source: Poseidon Principles for Marine Insurance
Poseidon Principles for Marine Insurance hold founding meeting and enter into force with Navium and AXA XL as latest Signatories
The Poseidon Principles for Marine Insurance are a global framework for measuring and publicly reporting the climate alignment of insurers’ hull and machinery portfolios. With the number of its Signatories reaching – and surpassing – the threshold of eight, the framework now enters into force. This means that Signatories are required to report their climate alignment scores on an annual basis. The first reporting period will take place at the end of this year.
As part of the founding meeting, members established the Poseidon Principles for Marine Insurance and elected members to the Association’s Steering Committee, the governance body that coordinates the Association on behalf of its members.
Patrizia Kern-Ferretti (Swiss Re Corporate Solutions) was elected as Chair of the Steering Committee.
“I thank fellow Poseidon Principles for Marine Insurance members for the trust placed in me to chair this pioneering initiative. Our founding meeting marks two important milestones. With Navium Marine and AXA XL among our ranks and the Association officially established, we have all that we need to effect real change and encourage the decarbonization of the maritime industry,” says Patrizia Kern-Ferretti, Head Marine at Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance Association.
Rolf Thore Roppestad (Gard) was elected as Vice Chair of the Steering Committee.
“I am honored to have been elected Vice Chair of the Poseidon Principles for Marine Insurance. Together with my fellow Steering Committee members, we will work to ensure that the Association stays true to its vision: doing what we can to support and incentivize responsible environmental behavior throughout the maritime value chain,” adds Rolf Thore Roppestad, Chief Executive Officer, Gard and Vice Chair of the Poseidon Principles for Marine Insurance Association.
Oliver Clark (Navium Marine), Atle Fjeldstad (Norwegian Hull Club), Sylvain Gauden (SCOR), Charles Mathias (Fidelis Insurance), Ilias Tsakiris (Hellenic Hull Management), Richard Turner (Victor Insurance) were elected as members of the Steering Committee.
Hereafter the Steering Committee consists of:Patrizia Kern-Ferretti (Chair), Rolf Thore Roppestad (Vice Chair), Oliver Clark, Atle Fjeldstad, Sylvain Gauden, Charles Mathias, Ilias Tsakiris, Richard Turner.
Ben Abraham (Willis Towers Watson) was elected as Chair of the Affiliate Members Committee.
Helle Hammer (Cefor), Mauro Iguera (Cambiaso Risso Group), Alistair Rivers (Lockton), Folkert Strengholt (EF Marine) were elected as members of the Affiliate Members Committee.
More information about the members of the Steering Committee is available here.
The founding members of the Association include Swiss Re Corporate Solutions, Gard, Hellenic Hull Management, SCOR, Victor Insurance, Norwegian Hull Club, Fidelis Insurance, Navium Marine, AXA XL, Willis Towers Watson, Cefor, EF Marine, Cambiaso Risso, Lockton, and International Union of Marine Insurance (IUMI).