Global specialty lines re/insurer Canopius has signed an agreement that will see Samsung Fire & Marine Insurance, part of the Korean tech giant, become a significant minority investor in the company.
The investment, which is subject to necessary regulatory consents, is expected to close in the third quarter of 2019.
“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,” said Michael Watson, Chairman of Canopius.
“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, Chief Executive Officer 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.”