Samsung F&M takes stake in CanopiusMay 6 2019 by Andrew Tjaardstra
Specialist Lloyd’s (re)insurer Canopius has entered into a strategic partnership with Samsung Fire & Marine Insurance (SFMI).
Under the undisclosed terms of the transaction, SFMI will become a significant minority investor in Canopius. The investment, which is subject to regulatory approval, is expected to close in the third quarter of 2019.
Michael Watson, chairman of Canopius, said: “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.”
Youngmoo Choi, chief executive 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 while SFMI was advised by Macquarie Capital (Europe) and Norton Rose Fulbright.
The investment, which is subject to regulatory approval, is expected to close in the third quarter of 2019.
It has a been busy time for Canopius since it became independent again in the third quarter of 2017 when it was taken over by a consortium majority led by private equity firm Canterbridge Partners; Asia Pacific is a key target region and it is in the process of opening an office in Sydney.
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