Canopius AG has entered into a strategic partnership with Korea’s Samsung Fire & Marine Insurance (SFMI), in a move that furthers the Lloyd’s specialty insurer’s global ambitions.
Under the terms of the transaction, SFMI will become a significant minority investor in Canopius. The deal, which is subject to necessary regulatory consents, is expected to close 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. [Its] unrivalled financial security and extensive licence network complements that which we enjoy at Lloyd’s.”
Youngmoo Choi, CEO of SFMI, said Samsung plans 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,” he said. “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.”
Canopius has underwriting operations in the UK, the Netherlands, Switzerland, Bermuda, the US and Singapore. It underwrites through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents) and a US surplus lines insurer, Canopius US Insurance. It recently announced it was opening a new office in Australia for the Asia-Pacific region.
SFMI is Korea’s biggest P&C insurer by market capitalisation.