Demir has operated in the Turkish market for more than 30 years.
The product, titled Cowbell AI Liability Insurance, will be distributed exclusively through wholesale brokers on a non-admitted basis.
SFMI is buying control for about Won2.26tn, joining forces with US private equity firm KKR and the Korea Investment Corporation (KIC).
The deal – expected to complete in the first half of 2027 – covers MLUK's closed book only.
Business operations are slated to begin on 1 January 2027 dependent upon conclusive regulatory clearance, after Lloyd’s granted in-principle consent.
