Canopius AG announced it has entered into a strategic partnership with Samsung Fire & Marine Insurance (SFMI). Under the terms of the transaction, SFMI will become a significant minority investor in Canopius.
The investment, which is subject to necessary regulatory consents, is expected to close in the third quarter of 2019. The amount of SFMI’s investment was not disclosed.
“I am absolutely delighted to welcome SFMI as a strategic investor in Canopius,” said Michael Watson, chairman of Canopius.
“SFMI is one of the best known and most trusted brands in the world. Their unrivalled financial security and extensive license network complements that which we enjoy at Lloyd’s,” he continued. “Together we can offer innovative customer-focused insurance solutions across the globe. We look forward to collaborating with SFMI in this venture.”
“We plan to work closely with the management of Canopius and share in their in-depth knowledge of the Lloyd’s market,” commented Youngmoo Choi, CEO of SFMI, the Seoul, Korea-based non-life insurance company.
“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 was advised by GC Securities and Freshfields Bruckhaus Deringer, SFMI was advised by Macquarie Capital (Europe) Limited and Norton Rose Fulbright.
Canopius is a global specialty re/insurer with underwriting operations in Bermuda, China, Ireland, Netherlands, Singapore, Switzerland, the UK and U.S. It underwrites through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents Ltd.) and a U.S. surplus lines insurer, Canopius US Insurance, Inc.
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