The “Poseidon Principles” for marine insurers no longer exist. A small number of members are now coming under the umbrella of the relevant ship finance group.
The Poseidon Principles, whose signatories account for almost three-quarters of global ship financing, have expanded their circle of associate members to include marine insurers, according to a statement. It should be noted that the “Poseidon Principles for Marine Insurance” (PPMI) officially ceased operations as an independent entity yesterday.
The aim is to unite the financial services sector on a single platform in order to strengthen the shipping industry’s decarbonisation efforts.
“The inclusion of marine insurers as associate members follows on directly from the expansion of membership that we introduced at the end of last year. It further consolidates the Poseidon Principles’ position as a leading standard-setter in the fields of ship finance and insurance,” said Paul Taylor, Global Head of Maritime Industries at Société Générale and Chair of the Poseidon Principles. “Financial institutions and insurers play complementary roles in supporting the decarbonisation of the shipping industry; joining forces strengthens our collective ability to drive this transition forward.”
Since its inception in 2019, membership of the Poseidon Principles was originally restricted to financial institutions offering secured lending products for ships falling within the scope of the International Maritime Organisation (IMO). In 2021, leading marine insurers recognised the opportunity to support the industry’s decarbonisation goals and jointly launched the “Poseidon Principles for Marine Insurance” (PPMI). Until now, the two initiatives have operated as separate but closely coordinated not-for-profit organisations; they have used similar decarbonisation pathways and calculation methods, and have relied on the Global Maritime Forum for administrative tasks.
In December 2025, the Poseidon Principles expanded their membership framework and introduced a new category for associate members, enabling hedge funds, private equity firms and other institutions involved in ship finance to participate in the initiative.
“Since its inception in 2021, the PPMI has developed a strong track record and a methodology specifically tailored to the insurance industry’s role in the decarbonisation of shipping,” said Patrizia Kern-Ferretti, Chief Insurance Officer at Breeze and former Chair of the Poseidon Principles for Marine Insurance. “The integration of the PPMI into the Poseidon Principles is a logical next step to strengthen the impact of both initiatives. This brings together the expertise gained on the insurance side with that of financial institutions on the lending side – an approach that is of particular value given the current situation in the shipping industry.”
According to industry sources, however, another factor behind this move is that interest from the insurance sector in the Poseidon Principles has, at the very least, stopped growing. At one point, there were a double-digit number of members. However, as part of the integration, only five insurance companies are joining initially: Cosco Shipping Captive Insurance, CTX Special Risks, Gard AS, Norwegian Hull Club and Willis.
