The Poseidon Principles, the signatories of which represent nearly three quarters of global shipping finance, has expanded its associate membership to include marine insurers.
The decision follows a unanimous vote by signatories at the Annual Meeting on 28 May 2026 to include insurers and related organisations—including P&I clubs, brokers, reinsurers and insurance institutions—as associate members, bringing the financial services sector together under a single, unified platform to strengthen shipping’s decarbonisation efforts.
“The inclusion of marine insurers as associate members builds directly on the associate membership expansion we introduced at the end of last year, further reinforcing the position of the Poseidon Principles as a leading standard-setter across shipping finance and insurance,” said Paul Taylor, Global Head of Maritime Industries at Societe Generale and Chair of the Poseidon Principles. “Financial institutions and insurers play complementary roles in supporting shipping’s decarbonisation, and joining forces strengthens our collective ability to drive that transition.”
Launched in 2019, the Poseidon Principles membership has historically been limited to financial institutions, providing secured credit products for vessels under the purview of the International Maritime Organization (IMO). In 2021, several leading marine insurers recognised the opportunity to support the industry’s decarbonisation goals and came together to launch the Poseidon Principles for Marine Insurance (PPMI), giving the insurance industry its own route to support shipping’s decarbonisation goal. The two initiatives have until now operated as distinct but closely aligned not-for-profit associations, using similar decarbonisation trajectories and calculation methods and relying on the Global Maritime Forum for secretariat services.
In December 2025, the Poseidon Principles broadened its membership framework, introducing a new associate membership that enabled hedge funds, private equity firms, and other institutions involved in shipping finance to engage with the initiative. This recent expansion has presented a natural opportunity to bring the Poseidon Principles and PPMI together under one platform.
“Since its inception in 2021, PPMI has developed a strong track record and methodology tailored to the insurance industry’s role in shipping’s decarbonisation,” said Patrizia Kern-Ferretti, Chief Insurance Officer at Breeze and former Chair of the Poseidon Principles for Marine Insurance. “Folding PPMI into the Poseidon Principles is a natural next step to strengthen the impact of both initiatives, bringing together the expertise built on the insurance side with that of financial institutions on the lending side, an approach that is especially valuable given the current landscape facing the shipping industry.”
As of 9 September 2026, the Poseidon Principles for Marine Insurance has officially ceased operations as a distinct entity, and the below former PPMI members have joined the Poseidon Principles as the first associate members:
- COSCO SHIPPING Captive Insurance Co., Ltd
- CTX Special Risks
- Gard AS
- Norwegian Hull Club
- Willis
The Poseidon Principles continues to welcome new institutions to join as associate members. Marine insurers, brokers, reinsurers and related organisations play a critical role in shipping’s climate transition—from assessing and pricing climate risk to shaping industry standards—and their participation is key to maintaining the initiative’s momentum and credibility.
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