Samsung Fire & Marine Insurance will invest approximately 2.26 trillion won (about $2.26 billion) to acquire control of Canopius, a Lloyd's insurer based in the UK. This acquisition aims to increase the company's overseas business share from the current 10% to the mid-20% range.
According to a filing with the Financial Supervisory Service on November 10, Samsung Fire & Marine signed a contract on November 9 to acquire the remaining 60% stake in Canopius, in partnership with global investment firm KKR and the Korea Investment Corporation (KIC).
Samsung Fire & Marine will invest approximately 2.26 trillion won to acquire an additional 40.53% stake, raising its ownership from 40.03% to 80.56%. Co-investors KKR and KIC will secure stakes of 12.15% and 7.29%, respectively. The deal is expected to close by March 31, 2027, subject to regulatory approvals.
Since its initial investment in Canopius in 2019, Samsung Fire & Marine has increased its stake to 40% through additional investments in 2020 and 2025. This transaction marks the company's first acquisition of control in seven years.
Canopius reported $4.48 billion in gross written premiums, $553 million in pre-tax profit, and a return on equity (ROE) of 21% last year. Samsung Fire & Marine plans to maintain Canopius's existing competitive strengths while expanding its business into the U.S. and Asia.
Lee Mun-ho, CEO of Samsung Fire & Marine, stated, "This acquisition of control over Canopius is a significant turning point for Samsung Fire & Marine as it aims to become a global insurer beyond the domestic market. We will combine the strengths of both companies to enhance our competitiveness in the Lloyd's market and actively seek global growth opportunities, including expansion into the U.S. market."
* This article has been translated by AI.
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