Specialty re/insurer Canopius Group and substantial minority shareholder Samsung Fire and Marine Insurance (SFMI) have reached an agreement to underwrite US admitted business on the latter’s A++ paper rated paper.
This agreement marks the most significant business cooperation to date between the two parties as they seek to develop opportunities in partnership across the globe.
The Ocean Marine and Management and Professional Lines teams of Canopius Underwriting Agency (CUAI) are will as a first step under this agreement write admitted business using SFMI’s paper.
This is seen as complementary to Canopius USA’s existing ability to write non-admitted business through Canopius US Insurance (CUSI) and Canopius Lloyd’s Syndicate 4444.
The finalization of the Group’s US admitted partnership with SFMI is expected to fuel Canopius USA’s expansion plans in regards to its offering in the specialty insurance market.
“The ability to offer SFMI’s highest quality admitted paper provides us with a strong position to grow our business and provide the most value to our partners and insureds in the U.S.,” said Davis.
“This is an exciting time for Canopius USA as we build a company with a flexible and entrepreneurial spirit, backed by the strength and stability of multiple world-class insurance platforms, and the experience of a global specialty lines market leader.”
Michael Watson, Chairman and Chief Executive Officer of Canopius Group, added, “This agreement marks the most important step to date in our deepening relationship with Samsung Fire & Marine Insurance.
“Since their initial investment in Canopius in 2019 we have been collaborating on a variety of business opportunities and I am confident there will be many more to come. That will serve to strengthen further the growing partnership between our two companies”.
SFMI stated, “We are delighted to make the first step with Canopius in entering the biggest market in the world. Through collaboration with Canopius, SFMI expects not only to grow financially but to have a deeper understanding of the dynamics of the U.S. insurance market.”
