Saturday, June 15, 2024

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Sonepar captive second to sign up to UN’s principles for sustainable insurance

Switzerland-domiciled Sonepar International Re is the second captive to become a signatory of the United Nations’ Principles for Sustainable Insurance (PSI).

The UNI PSI serves as a global framework for the insurance industry to address environmental, social and governance risks and opportunities.

Sonepar is an independent family-owned French multinational providing business-to-business distribution of electrical products, solutions and related services. It had sales of €26.4bn in 2021.

François Beaume, vice president for 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.”

Captive Intelligence reported in December that Enel Insurance had been the first captive to sign up to the PSI, and more were expected to follow.

Speaking exclusively to Captive Intelligence in GCP #76, Antonio Nervini, head of insurance in the Netherlands at Enel, explained why and how they had become the first captive signatory of the PSI.

Nervini said one of the motivations to become a signatory was to lead the way and he now hoped other captives will follow suit.

“We understood that it was time for us to step in and take the lead and try to advocate for sustainable insurance,” he said.

“It’s time for captives to join the PSI. It’s time to take action. So we would like to think that others will come soon. This is our main goal, to invite others to join us.”