A separate climate framework for marine insurers has ceased operations and been folded into the Poseidon Principles, bringing shipping finance and insurance participants under one platform, according to a statement from the initiative.
The Poseidon Principles for Marine Insurance, or PPMI, ceased operating as a distinct entity on 9 September 2026 after Poseidon Principles signatories unanimously voted on 28 May to open associate membership to marine insurers and related organisations.
The expanded category covers insurers, P&I clubs, brokers, reinsurers and insurance institutions. Five former PPMI members have become the first marine insurance associate members of the Poseidon Principles: COSCO SHIPPING Captive Insurance Co., Ltd, CTX Special Risks, Gard AS, Norwegian Hull Club and Willis.
The organisation’s current membership page lists Willis as WTW. “Financial institutions and insurers play complementary roles in supporting shipping’s decarbonisation, and joining forces strengthens our collective ability to drive that transition,” said Paul Taylor, Global Head of Maritime Industries at Societe Generale and Chair of the Poseidon Principles.
The Poseidon Principles has 36 financial institution signatories representing nearly three-quarters of global shipping finance. Signatories are required to report the climate alignment of their shipping portfolios annually, while associate members generally have no formal reporting requirements.
Marine insurers can use the methodology and report voluntarily. The Poseidon Principles was launched in 2019 for financial institutions providing secured credit products for vessels. PPMI followed in 2021 as a separate framework for the marine insurance sector.
The two operated as distinct but closely aligned non-profit associations, using similar decarbonisation trajectories and calculation methods and receiving secretariat support from the Global Maritime Forum.
The main framework first broadened its membership in December 2025, opening associate membership to hedge funds, private equity firms and other institutions involved in shipping finance.
The Poseidon Principles measures the alignment of shipping portfolios with the International Maritime Organization’s 2023 greenhouse-gas strategy, which calls for international shipping to reach net-zero greenhouse-gas emissions by or around 2050.