Samsung Fire & Marine Insurance (SFMI) has agreed to acquire a strategic stake in UK-based specialty lines (re)insurer Canopius for an undisclosed sum.

SFMI will become a significant minority shareholder in Canopius upon completion of the acquisition.

The transaction, which is subject to regulatory agencies approval, is scheduled to be completed during the third quarter of this year.

Commenting on the deal, Canopius chairman Michael Watson said: “I am absolutely delighted to welcome SFMI as a strategic investor in 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”.

SFMI CEO Youngmoo Choi said: “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.”

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Choi further stated that it is a significant step forward for SFMI’s long term strategy and will enable the company to thoroughly prepare to become a competitive, world class P&C insurance business.

Last week, Canopius announced plans to open an office in Sydney, Australia to grow its business in the Asia Pacific region.

In April, Canopius agreed to acquire American property and casualty insurer AmTrust Financial Services’ Lloyd’s business for an undisclosed sum.