Newly formed marine insurer Navium Marine and AXA XL have joined the Global Maritime Forum’s Poseidon Principles for Marine Insurance (PPMI).
The new additions now brings the PPMI’s full membership up to nine which is enough for it to enter into force.
Navium has been making a name for itself in the marine market since it was established in May last year by former Beazley board member and head of marine Clive Washbourn.
The insurer is backed by the giant Fidelis Group which is also a member of the PPMI.
AXA XL is one of the biggest names in the marine insurance market and operates both in the Lloyd’s of London and Corporate market.
At the first meeting of the PPMI, which was launched in November last year, a steering committee was elected chaired by Swiss Re Corporate Solutions head of marine Patrizia Kern-Ferretti.
“With Navium Marine and AXA XL among our ranks and the association officially established, we have all that we need to effect real change and encourage the decarbonisation of the maritime industry,” Kern-Ferretti said.
Gard chief executive Rolf Thore Roppestad has been named as vice chair.
The founding full members of PPMI now include Swiss Re Corporate Solutions, Gard, Hellenic Hull Management, SCOR, Victor Insurance, Norwegian Hull Club, Fidelis Insurance, Navium Marine, AXA XL.
Signatories to the PPMI monitor their book of marine insurance business to make sure it decarbonises in line with the targets laid out by the Paris Agreement on Climate Change.
PPMI members are required to report their climate alignment scores on an annual basis. The first reporting period will take place at the end of this year.
Brokers Cambiaso Risso and Lockton recently joined WTW, EF Marine, the International Union of Marine Insurance and Cefor as PPMI associate members.