Deal to raise Canopius stake to 80.6% expected to more than double overseas business share, strengthen global expansion ambitions
Samsung Fire & Marine Insurance will invest 2.26 trillion won ($1.68 billion) to take control of UK specialty insurer Canopius.
The deal is expected to lift the overseas share of Samsung Fire's business from about 10 percent to roughly 25 percent.
South Korea's largest non-life insurer said Tuesday it agreed to acquire an additional 40.5 percent stake in Canopius' holding company, Fortuna Topco, raising its ownership from about 40 percent to 80.6 percent. The acquisition would give Samsung Fire control of a major insurer operating in the Lloyd's of London market and a stronger foothold for expansion in the US and Asia.
Under the agreement signed Monday, Samsung Fire will join funds managed by US investment firm KKR and Korea Investment Corporation, the country's sovereign wealth fund, to acquire the remaining 60 percent of Fortuna Topco from existing shareholders, including a consortium led by US private equity firm Centerbridge Partners.
Samsung Fire will spend 2.26 trillion won to increase its stake to 80.6 percent, while the KKR-managed funds and KIC will acquire stakes of 12.1 percent and 7.3 percent, respectively.
Together, the three investors will purchase a combined 60 percent stake in a transaction valued at approximately 3 trillion won, according to media reports.
The deal is expected to close by the end of March 2027, subject to regulatory approvals and other conditions, according to Samsung Fire's regulatory filing.
Samsung Fire expects overseas operations to account for a share of its business in the mid-20 percent range after the acquisition, up from about 10 percent currently.
Canopius specializes in marine, aviation, cyber and energy insurance, as well as reinsurance. It reported $4.48 billion in written premiums and $553 million in pretax profit last year.
The acquisition builds on a seven-year partnership that began when Samsung Fire first invested in Canopius in 2019. The Korean insurer subsequently increased its stake in 2020 and 2025, with an additional 21 percent purchase last year bringing its ownership to around 40 percent.
Under a shareholder agreement, Samsung Fire also has the option to acquire its partners' stakes over time, subject to agreed conditions.
KKR said it would use its international network and expertise in operations and acquisitions to support Canopius' growth, while KIC described the investment as part of its strategy to back Korean companies expanding overseas.
Samsung Fire CEO Lee Mun-hwa called the acquisition a turning point in the insurer's global expansion, identifying the US as a key growth market.
"We will combine our strengths to compete more effectively at Lloyd's and pursue growth opportunities globally, including expansion in the US," Lee said.
"We will respect Canopius' expertise and management autonomy as we support both companies' growth in the global insurance market."
jwc@heraldcorp.com
