Fidelis Insurance has joined the Poseidon Principles for Marine Insurance (PPMI), an organisation established late last year to promote decarbonisation in the shipping industry.

Fidelis is the first to join the group from the London market.

Signatories to PPMI monitor the emissions performance of their insurance portfolio to keep it in line with the decarbonisation target of the United Nation’s Paris Agreement on Climate Change. The PPMI target is to achieve a 100% reduction in carbon emissions by 2050.

“We are constantly looking for ways to use real data to monitor our underwriting portfolio against our ESG areas of concern, and Poseidon is a great way for us to do this on our marine hull book. We look forward to working with the PPMI team and signatories,” said Fidelis insurance group executive director Charles Mathias.

Fidelis joins the PPMI founding members Gard, Norwegian Hull Club, Swiss Re Corporate Solutions, Hellenic Hull Management, SCOR and Victor Insurance.

Patrizia Kern, head of marine at Swiss Re, said: “As more signatories join, the PPMI will continue sending a strong signal from leading marine insurers in support of shipping decarbonisation.”