Inigo Announces Partnership with 90 North Foundation

July 21, 2023

(London, 12 July 2023): Inigo Limited (“Inigo”) is delighted to announce a strategic partnership with the 90 North Foundation, the conservation non-profit dedicated to safeguarding the biodiversity, marine habitat, and ecosystem services of the Central Arctic Ocean which surrounds the North Pole. In keeping with Inigo’s underlining principle of surfacing the science, Inigo is supporting the academic research to understand the impacts and risks associated with future surface vessel activity in the area. 90 North Foundation’s objective is to minimise the risks to the vulnerable biodiversity of these international waters, as the receding sea ice results in a newly accessible ocean.

Despite the Arctic Ocean being the world’s smallest ocean, it covers 14 million square kilometres, comparable in size to Antarctica, and encompasses over 10% of the northern hemisphere’s marine environment. However, climate change has led to a significant decline in sea ice, shrinking at a rate of 12.6% per decade since 1980. This presents new commercial opportunities for the shipping industry but also poses severe consequences for the rapidly changing marine ecosystem, which is among the world’s least disturbed.

The partnership aims to fulfil 90 North Foundation’s mission of establishing the North Pole Marine Reserve. The delivery of this ambitious plan will be supported by data, analysis, and insights from scientific research programs inspired or funded by the 90 North Foundation.

Inigo, with expertise in underwriting and a strong advocacy for preventative measures against climate change-induced catastrophes, will employ its experiences, relationships, and understanding of risk within the insurance and shipping sector to encourage business practices that are more sustainable and less harmful to the marine ecosystem in the area. In addition to undertaking a key role in providing strategic research and raising awareness amongst key stakeholders, Inigo will also provide guidance in proposing working regulatory frameworks.

James Power, Head of Marine & Energy of Inigo said: “We are thrilled to announce our partnership with 90 North Foundation, furthering our commitment to sustainable practices and advocacy. Together we hope to bridge the knowledge gap between the shipping industry’s potential impacts and the vulnerability of the Arctic Ocean’s marine ecosystem.”

Pen Hadow, Founder and Executive Director of 90 North Foundation said: “The 90 North Foundation welcomes Inigo’s support in protecting the Arctic Ocean’s marine biodiversity. The international waters of the Central Arctic Ocean remain one of the world’s least explored and researched areas. However, together, we hope to raise awareness of the risks of future, unregulated shipping routes, unmanaged commercial fishing areas, and damaging seabed mining activities, and foster the key research to provide the best conservation measures.”