Samsung acquires 'strategic stake' in Lloyd's insurer Canopius

Specialty re/insurer Canopius has signed an agreement with Korea's Samsung Fire & Marine Insurance (SFMI) that will see SFMI become a significant minority investor in the company.

The investment, which is subject to 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. 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, CEO of SFMI said: “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.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Argo rebuts ‘continued Voce falsehoods’ in detailed SEC filing 

Talanx acquires P&C insurer from Munich Re ERGO to expand in Turkey

US insurtech Indio secures $20m funding for business insurance platform

AIG's Kryszon moves to global property role at Markel 

McLarens creates new global role for Cunningham Lindsey CEO 

AXIS poaches new group chief actuary from Chubb

ICA bolsters board of directors with Zurich, Allianz executives

Join us at Intelligent Automation & AI in Insurance - 21st May: London