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CTX Special Risks, Lochain Patrick, Gallagher Join Poseidon Principles

The Poseidon Principles

Published Sep 22, 2022 8:03 PM by The Maritime Executive

Hong Kong’s CTX Special Risks, Lochain Patrick Insurance Brokers, a London-based, Lloyd’s accredited insurance broker, and Gallagher Specialty, an insurance brokerage, risk management, and consulting firm based in London, commit to supporting the global framework for responsible marine insurance. CTX Special Risks is the first Asia-based insurance broker to join the Poseidon Principles for Marine Insurance.

The Poseidon Principles for Marine Insurance are a voluntary emissions disclosure framework that provides Signatories with actionable guidance on benchmarking the carbon footprint of their marine insurance portfolios with global climate goals.

“The existential threat of global warming needs to be addressed now and all of us at CTX want to be at the forefront of the vital changes that are urgently needed. Ships are by far the lowest impact way of transporting goods around the world, but the sheer size of the industry means carbon emissions need to be brought to the forefront of ship operators’ planning. The Poseidon Principles for Marine Insurance are the best way for us to make public our commitment to drive the change,” said Dominic Ng, CEO, CTX Special Risks.

“The maritime sector is a key facilitator of global trade and commerce and we at Lochain Patrick understand the importance of addressing the climate impacts of the shipping industry. We believe that the introduction of the Poseidon Principles for Marine Insurance is a key initiative in the drive towards decarbonisation. We look forward to working with our clients and Insurers to implement and integrate effective and transparent standards and procedures to reflect our commitment to embedding the Poseidon Principles for Marine Insurance into our corporate philosophy and strategic development objectives,” said Andrew Hills, Managing Director, Lochain Patrick Insurance Brokers.

“Gallagher is proud to join the Poseidon Principles for Marine Insurance and is committed to working closely with clients, and other stakeholders within the marine insurance sector, to support the shipping industry’s journey to achieving a net zero target,” said Andrew James, Executive Director, Gallagher.

Brokers, clubs, and other key stakeholders in marine insurance can join the Poseidon Principles for Marine Insurance as Affiliate members. In doing so, brokers commit to supporting the initiative, for example by helping facilitate knowledge sharing between Signatories and clients on the framework’s data collection requirements.

“I am delighted to welcome CTX Special Risks, Lochain Patrick, and Gallagher to the Poseidon Principles for Marine Insurance. Brokers have an important role to play in the mission of the Principles to support and incentivize responsible environmental stewardship through the maritime value chain,” added Rolf Thore Roppestad, Chief Executive Officer, Gard and Vice Chair of the Poseidon Principles for Marine Insurance.

To date, eight organizations have joined the Poseidon Principles for Marine Insurance as Affiliate members: Cambiaso Risso, Cefor, CTX Special Risks, EF Marine, Gallagher, Lochain Patrick Insurance Brokers, Lockton, and Willis Towers Watson.

AXA XL, Fidelis Insurance, Gard, Hellenic Hull Management, Navium Marine, Norwegian Hull Club, SCOR, Swiss Re Corporate Solutions, and Victor Insurance have signed up as Signatories.

International Union of Marine Insurance is a supporting partner.

Other responsible actors within the maritime insurance space are invited to join.

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