Samsung Fire & Marine moves to take full control of Lloyd's insurer Canopius
Samsung Fire & Marine Insurance plans to acquire the remaining stake in Canopius Group, a major Lloyd's and specialty underwriter, under a share purchase agreement with a global private equity firm announced November 10. AM Best said Samsung Fire's A++ financial strength rating is unchanged after the announcement. Terms were not disclosed in the available text.
Why it matters: A top-rated Korean insurer taking full ownership of a Lloyd's underwriter is a notable cross-border push into the London specialty market.
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