Canopius Group Ltd. said Samsung Fire & Marine Insurance has completed a strategic investment in its business.

The investment, first disclosed in May, will support Canopius’s growth arising from the recent acquisition of AmTrust at Lloyd’s and merger with its own Lloyd’s interests. Neither side disclosed the specific investment amount.

In addition to the investment, Canopius and SFMI will actively explore business collaboration opportunities in specialty insurance and reinsurance, particularly in the United States and Asia-Pacific region, according to the investment announcement.

Canopius Chairman Michael Watson said in prepared remarks that SFMI’s “exceptional financial strength and complementary license network will be hugely advantageous” to the company as it takes steps to build its specialty insurance and reinsurance operations.

SFMI’s investment follows last month’s announcement that Canopius had completed its acquisition of AmTrust at Lloyd’s. In March 2018, Canopius became a standalone business after it was purchased from Sompo Holdings by a private equity consortium led by Centerbridge Partners for $952 million.

Canopius is a global specialty insurer and reinsurer with underwriting operations in Australia, Bermuda, China, Ireland, Netherlands, Singapore, the U.K. and U.S. SFMI is a major property/casualty insurer based in Korea.

Source: Canopius Group

*A version of this story ran previously in our sister publication Insurance Journal.