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Samsung Fire & Marine Insurance (SFMI) has completed its strategic investment in Canopius Group, the latter announced in a statement.
The investment will support Canopius’s growth arising from the recent acquisition of AmTrust at Lloyd’s and the merger with its own Lloyd’s interests, said the global specialty re/insurer.
The value of the investment, which was first announced in May, was not disclosed by the parties.
In addition to the investment, the two insurance companies have announced that they will actively explore business collaboration opportunities in specialty insurance and reinsurance, particularly in the United States and Asia-Pacific regions.
“It is my great pleasure to welcome SFMI as a strategic business partner and investor in Canopius,” said Michael Watson, chairman of Canopius. “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.”
Last month, Canopius completed its acquisition of AmTrust at Lloyd’s, with Canopius merging Syndicate 4444 with AmTrust Syndicate 1861 under Canopius Managing Agents beginning January 01, 2020. AmTrust Financial Services Inc. will also become a significant minority shareholder in Canopius at that time.
