Samsung Fire & Marine Insurance (SFMI) and Canopius have entered into a strategic partnership, with the former becoming a significant minority investor in the latter.

The transaction, which is subject to necessary regulatory approvals, is expected to close in the third quarter of 2019, a joint statement from the two parties said. The value for the transaction was undisclosed.

“I’m absolutely delighted to welcome SFMI as a strategic investor in Canopius,”said Michael Watson (pictured right), chairman of 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”

Choi Youngmoo (pictured left), CEO of SFMI, commented: “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.”