The Poseidon Principles initiative, which brings together financial institutions to monitor climate performance in shipping, is expanding its membership to the marine insurance sector.
The Poseidon Principles have expanded their membership structure to include marine insurers and related organizations. The decision was approved unanimously at the participants’ annual meeting in May and is aimed at bringing the financial and insurance sectors together on a single platform to support the decarbonization of shipping.
According to Splash247, signatories to the Poseidon Principles represent nearly three-quarters of the global shipping finance market. Previously, membership in the initiative, which was established in 2019, was limited to financial institutions providing secured lending for vessels.
In 2021, leading marine insurers launched a separate initiative — the Poseidon Principles for Marine Insurance (PPMI) — allowing the insurance sector to support the shipping industry’s emissions-reduction goals. Both organizations used similar assessment methods and decarbonization pathways but operated independently.
In December 2025, the Poseidon Principles introduced associate membership for hedge funds, private equity firms and other participants involved in shipping finance. This created the conditions for the two initiatives to be brought together.
PPMI has now ceased to operate as a separate legal entity. Its former members — Cosco Shipping Captive Insurance, CTX Special Risks, Gard, Norwegian Hull Club and Willis — have joined the Poseidon Principles as its first associate members.
Paul Taylor, chairman of the initiative, said the expanded membership strengthens the position of the Poseidon Principles as a standard for shipping finance and insurance.
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