Canopius AG (“Canopius”) today announces that 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.
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”.
Mr 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”.
Canopius was advised by GC Securities and Freshfields Bruckhaus Deringer, SFMI was advised by Macquarie Capital (Europe) Limited and Norton Rose Fulbright.
For further information please contact:
David Haggie / Richard Adams, Haggie Partners
+44 20 7562 4444
Clara Jun (Global Strategy) / Helen Park (IR), SFMI
+822 758 7786 / +822 758 7037
Canopius is a global specialty (re)insurer with underwriting operations in Bermuda, China, Ireland, Netherlands, Singapore, Switzerland, the UK and US. It underwrites through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents Limited) and a US surplus lines insurer, Canopius US Insurance, Inc.
For more information, visit www.canopius.com or follow @CanopiusGroup
SFMI is the leading non-life insurance company in Korea, headquartered in Seoul. In addition to property & casualty business, SFMI provides a variety of insurance products and services such as corporate pensions, annuity and health insurance. SFMI’s shares are listed on the Korea Exchange and is the largest non-life insurance company by market capitalisation as of 2018. S&P and A.M. Best have affirmed ratings of AA- and A++ respectively.
For more information, visit ir.samsungfire.com.