COSCO SHIPPING Captive Joins Poseidon Principles for Marine Insurance and More News

Published by
Peter Kavinsky

23 Sept. 2022, 10:44 am

Marine performer

The Poseidon Principles for Marine Insurance provide a common global framework for assessing and disclosing the suitability of marine insurance portfolios for climate objectives.

“We are pleased to be the first Asian marine hull insurance company to sign the Poseidon Marine Insurance Principles (PPMI). Joining PPMI is in line with the strategy of Cosco Shipping Group and Cosco Shipping Captive for sustainable shipping and green finance. We are excited and motivated to work with all stakeholders to promote the decarbonization of the marine environment and the sustainable transition and growth of the maritime industry,” said Zheng Xiaozhe, Chairman of COSCO SHIPPING Captive Insurance.

Two Asian organizations are already members of the Poseidon Marine Insurance Principles: Singapore’s EF Marine and Hong Kong’s CTX Special Risks.

“To comply with the Poseidon Marine Insurance Principles, it is important that our membership reflects the diversity of the maritime industry. I am proud to welcome COSCO SHIPPING Captive Insurance to our responsible marine insurance system as they bring us closer to this goal,” adds Patricia Kern-Ferretti, Chief Marine Officer at Swiss Re Corporate Solutions and Chairman of 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 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.

The International Marine Insurance Union is a supporting partner.

Other responsible participants in the field of marine insurance are invited.

The products and services described in this press release are not endorsed by The Maritime Executive.

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