Samsung Fire & Marine invests in Canopius
Samsung Fire & Marine (SFMI), the Korean non-life insurer and part of Samsung Group, has become a significant minority investor in Canopius, specialty re/insurer with underwriting operations in Bermuda, China, Ireland, the Netherlands, Singapore, Switzerland, the UK and US.
SFMI’s CEO Youngmoo Choi suggested this is part of the company’s long-term strategy to become a competitive, world class property/casualty insurance business. SFMI plans to work closely with the management of Canopius and share in their knowledge of the Lloyd’s market.
The investment is subject to necessary regulatory consents, and 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. Their unrivalled financial security and extensive licence network complements that which we enjoy at Lloyd’s,” said Michael Watson, chairman of Canopius. “Together we can offer innovative customer-focused insurance solutions across the globe. We look forward to collaborating with SFMI in this venture.”
Canopius advisors were GC Securities and Freshfields Bruckhaus Deringer, and SFMI was advised by Macquarie Capital (Europe) and Norton Rose Fulbright.
