Samsung Fire & Marine boosts its shareholding in Canopius, a prominent specialist insurance and reinsurance group.
Samsung Fire & Marine Insurance Increases Stake in Canopius Group
Samsung Fire & Marine Insurance (SFMI) has bolstered its strategic partnership with Canopius Group by purchasing an additional 21% equity stake from Fidentia Fortuna Holdings, raising SFMI's ownership interest to 40%. This move underscores SFMI's commitment to Canopius Group and reinforces their position as a significant partner.
The investment, SFMI's third in Canopius Group since 2019, is a testament to the long-standing collaboration between the two companies. SFMI has been working closely with Canopius to leverage their expertise in the Lloyd’s market and expand globally. This partnership allows both companies to combine their strengths—Canopius’s Lloyd’s market knowledge and SFMI’s financial security and extensive licensing network—to offer innovative, customer-focused insurance solutions worldwide.
The transaction is subject to customary closing conditions, including regulatory approvals. Macquarie Capital is acting as SFMI's financial adviser for this deal, while Fenchurch Advisory Partners is acting as financial adviser for both Canopius and Fidentia Fortuna Holdings.
In other news, Canopius Group has announced the opening of a new trading office in Melbourne, Australia. This expansion is part of Canopius' broader strategy to grow its presence in the Asia-Pacific region. David Mutton will lead the new office as Casualty Underwriter, APAC.
Canopius will initially underwrite casualty business from Melbourne and broaden its offering as it grows. Lisa Davies, appointed as President and Chief Underwriting Officer at Canopius USA, effective October 1st 2020, joins Canopius from Sompo America Insurance Services LLC.
The financial results for H1 2024 were announced by Canopius Group, a leading international specialty and P&C (re)insurer. Canopius Group's half-year profits for H1 2024 increased by 53%, and the Insurance Contract Written Premium increased 23% to $1.84bn for H1 2024.
Centerbridge Partners Senior Managing Directors Ben Langworthy and Matthew Kabaker expressed their appreciation for Canopius' growth and financial performance over the past three years. Munhwa (Marvin) Lee, CEO of Samsung Fire & Marine Insurance, stated that the investment represents a strategic milestone towards increased collaboration and shared value creation. Lee also mentioned SFMI’s commitment to expanding its overseas footprint and driving innovation to become a top-tier global insurer.
These developments underscore Canopius Group's continued growth and strategic partnerships, positioning the company for success in the global insurance market.
- Samsung Fire & Marine Insurance's (SFMI) investment in Canopius Group, their third since 2019, demonstrates a commitment to innovation in the insurtech industry and strategic business growth.
- The increased stake in Canopius Group, now at 40%, further solidifies SFMI's role as a significant partner, allowing for the combined development of customer-focused, globally expansive insurance solutions.
- Canopius Group's aggressive expansion, such as the opening of a new trading office in Melbourne, Australia, and the addition of Lisa Davies to their team, signifies their ongoing commitment to investing in the insurance industry and driving growth in the Asia-Pacific region.
