Korea’s Samsung Fire & Marine Insurance (SMFI) and specialty (re)insurer Canopius has signed an agreement that will see SMFI become a significant minority investor in the company.
The investment, which is subject to necessary regulatory approvals, is expected to complete in the third quarter of 2019.
Michael Watson, chairman of Canopius said: “I am absolutely delighted to welcome SFMI as a strategic investor in Canopius. SFMI is one of the best known and most trusted brands in the world. Their unrivalled financial security and extensive licence network complements that which we enjoy at Lloyd’s. Together we can offer innovative customer-focused insurance solutions across the globe. We look forward to collaborating with SFMI in this venture”.
Youngmoo Choi, CEO of SFMI added: “We plan to work closely with the management of Canopius and share in their in-depth knowledge of the Lloyd’s market. We look forward to participating and contributing to the development of an excellent, global insurance business in Canopius. This is a significant step forward for SFMI’s long term strategy and will allow us to thoroughly prepare to become a competitive, world class P&C insurance business”.