Second captive signs UN Principles for Sustainable Insurance

Swiss-domiciled Sonepar International Re has signed up to the United Nations’ Principles for Sustainable Insurance (PSI). It is the captive of Sonepar, an independent, family-owned business-to-business distributor of electrical products, solutions and related services.

“Sonepar is dedicated to building more resilient, inclusive, and sustainable communities and economies,” an update posted by the company read.

“We are thus proud to become a member of the UN Principles for Sustainable Insurance initiative (the second captive to date), which serves as a global framework for the insurance industry to address environmental, social and governance risks and opportunities.”

Last year, Enel Insurance NV, the captive insurer of Europe’s largest utility company, became the first captive to sign up to the principles.

François BEAUME, VP of risks and insurance at Sonepar, said: “Being a member of the PSI initiative reinforces our position as a leading pioneer of the energy transition by leveraging risk management and insurance and operating with complete integrity.”

Launched at the 2012 UN Conference on Sustainable Development, the Principles for Sustainable Insurance serve as a global framework for the insurance industry to address environmental, social and governance risks and opportunities. It has 140 signatories, representing a third of global premiums.