Samsung Fire & Marine Insurance said on May 6 that it invested $1.5 billion in Fortuna TopCo Limited, which owns 100 percent of Lloyds Canopius, in London on May 2 to participate in management.
Through a partnership with Canopius, Samsung Fire & Marine Insurance plans to enter 'Lloyd's of London', the heartland of the global insurance market, and launch a global business that directly participates in management as a member of its board of directors.
With a history of 330 years, the 'Lloyd's of London', British insurance market, has established itself as a hub for the global insurance market based on accumulated statistics and expertise. The Canopius signed a contract on April 18 to acquire U.S.-based AmTrust Inc.'s Lloyd business unit and expects its market position to rise to fifth place in the industry in 2020.
The two companies will expand cooperation by strengthening partnerships and capabilities, and through this, Samsung Fire & Marine Insurance plans to strengthen its global competitiveness.
Meanwhile, after the signing ceremony, Bruce Carnegie-Brown, president of the Lloyd association, had a friendly talk with Choi Young-moo, president of the Samsung Fire & Marine Insurance.
"Welcome to Samsung Fire & Marine Insurance's entry into Lloyd," Bruce said. "Lloyd Recently has been making innovative efforts to restructure the project."
"We plan to incorporate the capabilities of advanced companies as soon as possible through the participation of global insurance companies in practical management," Choi said. ""We will make thorough preparations for the future so that we can grow into a competitive global insurance company."
