Specialist mutual insurer TT Club has become the only non-P&I (protection and indemnity) insurer to be part of the Maritime Anti-Corruption Network (MACN).
In a release, the new MACN member said: “TT Club has long been aware of the issues surrounding corruption in the maritime transport industry. The insurer is dedicated to ensuring these corrupting effects on the overall integrity of freight transport worldwide are minimised, if not eradicated.
“As such, TT is delighted to partner with the MACN, an organisation with an exceptional track record of highlighting and reducing corruption.”
Currently, MACN is made up of more than 180 members globally. Its primary objectives are capability building, collective action, and collaboration.
“At TT we have aligned our ESG (environmental, social, governance) strategy with the UN Global Compact and its Sustainable Development Goals, becoming a signatory to the UN Principles for Sustainable Insurance late last year,” noted chief operating officer Mark Argentieri.
“In now joining MACN, we are taking a further step in focussing on the issues that are most relevant to our own members, and where the club is able to have a positive impact, cooperating with international institutions that are dedicated to ensuring increased transparency in maritime transactions and enhanced procedural integrity.”
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