Global specialty insurer Canopius will open an office in Sydney as it looks to grow in Australia and New Zealand.

It is awaiting regulatory approval and expects to be ready for the June renewal season.

Canopius says the office will operate as a local underwriting hub and is part of a broader push into the Asia-Pacific region.

It intends to target SMEs through coverholders, wholesale direct and facultative, and reinsurance treaty business.

Claudio Saita, previously deputy CEO and executive director of Tokio Marine Management Australasia, has been recruited as Country Manager Asia-Pacific.

He will report to CEO Asia-Pacific, Middle East and North Africa Mark Newman, who is based in Singapore.

Mr Saita says the business will be hiring underwriters and actuaries.

“At this point it’s me… we are looking at building a team here, which we expect will go from probably 4-6 people up to about 20 people eventually, depending on the business we will underwrite,” Mr Saita told insuranceNEWS.com.au.

“We think the Australian market is presenting some tremendous opportunity right now. We are looking at growing Australia to be a significant size in the next 3-5 years.

“For us, it’s an opportunity to get closer to the market and service partners locally.”

Tokio Marine says a “related organisational restructure involving an increase in front-line staff” means Mr Saita’s former position will not be filled.

“Tokio Marine has undertaken a strategic realignment for its Australasian business to best capture the growth in its specialty insurance lines,” the company told insuranceNEWS.com.au.

In a separate announcement, Canopius says South Korea’s Samsung Fire & Marine Insurance has become a “significant minority investor” after taking a strategic stake.

The investment is subject to regulatory approvals and expected to close in the third quarter.

“[Samsung’s] unrivalled financial security and extensive licence network complements that which we enjoy at Lloyd’s,” Canopius Chairman Michael Watson said.

“Together we can offer innovative customer-focused insurance solutions across the globe.”