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South Korea-based Samsung Fire and Marine Insurance Co. Ltd. has made a “significant minority” investment in Canopius AG, the Switzerland-based global specialty insurer and reinsurer said Friday.
The investment, which is subject to necessary regulatory consents, is expected to close in the third quarter of 2019, Canopius said in a statement.
Terms of the transaction and size of stake being taken by Samsung Fire and Marine were not revealed, according to a spokesman.
Samsung Fire and Marine’s extensive license network complements the Lloyd’s network that Canopius enjoys, Michael Watson, chairman of Canopius, said in the statement. “Together we can offer innovative customer-focused insurance solutions across the globe,” Mr. Watson said.
In addition to its operations around the world, Canopius is one of the top 10 insurers in the Lloyd’s market where it underwrites through Lloyd’s syndicate 4444 managed by Canopius Managing Agents Ltd.
“This is a significant step forward for Samsung Fire and Marine’s long-term strategy and will allow us to thoroughly prepare to become a competitive, world class P&C insurance business,” Youngmoo Choi, CEO of Samsung Fire and Marine, said in the statement.
Canopius Group Ltd., the London-based insurance and reinsurance platform of Sompo Japan Nipponkoa Insurance Inc., has launched an Amsterdam-based renewable energy division.