Samsung Fire & Marine Insurance is set to secure control of Canopius, a Lloyd's of London insurer. The company aims to leverage the global specialty insurance market as a new growth engine beyond its domestic base.
With this acquisition, Samsung Fire & Marine Insurance's overseas business share is expected to expand from its current level of approximately 10% to the mid-20s percent range.
According to the insurance industry on the 10th, Samsung Fire & Marine Insurance signed a contract the previous day with funds managed by Kohlberg Kravis Roberts (KKR) and the Korea Investment Corporation (KIC) to acquire the remaining 60% stake in Canopius. The target shares are held by Fidentia Fortuna Holdings, led by U.S. private equity firm Centerbridge Partners.
Through this transaction, Samsung Fire & Marine Insurance will acquire an additional 40.6% stake in Canopius, raising its total ownership from the existing 40% to 80.6%. Co-investors KKR and KIC will secure approximately 12.1% and 7.3%, respectively.
Samsung Fire & Marine Insurance has also secured call options (rights to purchase) on the co-investors' shares, paving the way for a potential increase in its stake to 100% in the future. The company can purchase KIC's 7.3% stake three years after the deal closes and KKR's 12.1% stake six years later.
Samsung Fire & Marine Insurance first invested in Canopius in 2019. It subsequently increased its stake to 40% through additional investments in 2020 and 2025. The current contract expands a strategic partnership that has continued for seven years into an acquisition of control.
Canopius is a global specialty insurer based on the Lloyd's market in the United Kingdom, with operations in the United States, Asia, and other regions. It specializes in specialty insurance and reinsurance, focusing on covering large-scale and complex risks faced by enterprises, rather than standard auto or long-term insurance.
Canopius reported gross written premiums of $4.484 billion (6 trillion won) and net income of $467 million (627 billion won) last year.
It recorded a return on equity (ROE) of 21%. Samsung Fire & Marine Insurance plans to expand its business foundation in overseas insurance markets by leveraging Canopius's global sales network and specialized underwriting capabilities.
The global specialty insurance market, where Canopius already operates, is seeing growing demand for new risks such as cyber threats, major natural disasters, and complex corporate liability claims.
Samsung Fire & Marine Insurance intends to expand its global business base while maintaining Canopius's expertise and management autonomy.
KKR will support Canopius's growth by leveraging its expertise in global networks, corporate operations, and mergers and acquisitions (M&A), while KIC will participate as a strategic investor supporting the overseas expansion of domestic companies.
Lee Mun-hwa, president of Samsung Fire & Marine Insurance, said, "The acquisition of control over Canopius is a significant turning point for Samsung Fire & Marine Insurance to leap from a domestic player to a global insurer."
He added, "By combining the strengths of both companies, we will strengthen our competitiveness in the Lloyd's market and actively pursue global growth opportunities, including expansion into the U.S. market."
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