Samsung Fire & Marine Insurance (SFMI), owned by the Samsung Group, has concluded the acquisition of a strategic stake in specialty lines re/insurer Canopius.
The transaction was first announced in May this year. The deal value and the stake size were not revealed.
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However, it was said that SFMI will become a significant minority shareholder in Canopius.
With the proceeds, Canopius aims to support its growth plans that are the result of its purchase of AmTrust at Lloyd’s and its combination with its own Lloyd’s business.
Moreover, the two parties also seek collaboration opportunities in specialty insurance and reinsurance. The focus will be on the US and Asia-Pacific.
Commenting on the deal, Canopius chairman Michael Watson said: “It is my great pleasure to welcome SFMI as a strategic business partner and investor in Canopius.
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By GlobalData“SFMI’s exceptional financial strength and complementary licence network will be hugely advantageous as we take further transformational steps to build a leading global specialty (re)insurance franchise.
“We look forward to collaborating with SFMI with great enthusiasm.”
Canopius has underwriting operations in the UK, US, Australia, Singapore, Bermuda, China, Ireland, and the Netherlands.
Based in South Korea, SFMI is a non-life insurance firm. The firm’s service suite includes property & casualty, corporate pensions, annuity and health insurance, among others.
