Samsung Fire and Marine Insurance to acquire outstanding share in Canopius

Samsung Fire and Marine Insurance (SFMI) has agreed to increase its stake in Canopius to 80.6% as part of a deal to acquire the specialty insurer’s remaining shares alongside KKR and Korea Investment Corporation (KIC).

Under the transaction, SFMI will acquire an additional 40.6% from existing shareholders, including the Centerbridge Partners-led Fidentia Fortuna Holdings consortium.

KKR will have a 12.1% holding in Canopius, while KIC, the sovereign wealth fund of the Republic of Korea, will own 7.3%. The final shareholdings remain subject to minor adjustments at completion.

SFMI first invested in Canopius in 2019 before increasing its ownership to 40% in 2025.

The latest deal will give the firm a controlling stake and represents the next stage of a seven-year strategic partnership between the two businesses.

Neil Robertson, group chief executive at Canopius, said: “SFMI has grown to know this business over the past seven years. They have watched, at close quarters, what we have built and they are enticed by the exciting plans we have evolved and they have chosen to back it in full.

”There is no greater compliment a partner can pay and we are grateful for the confidence they are placing in us. What this brings Canopius is permanent capital and an owner with a long-term view. We will retain the same appetite, the same discipline and the same people alongside our clients and brokers.”

Plans for growth

KKR plans to support the insurer’s continued expansion through its operational, strategic and M&A expertise, while KIC’s investment forms part of its strategy of supporting Korean companies pursuing international growth opportunities.

Meanwhile, SFMI said the transaction would support its ambition to develop Canopius into a leading global specialty insurer across Lloyd’s, the US and Asia Pacific.

Munhwa Lee, chief executive and president at SFMI, said: “This acquisition marks a pivotal step in our journey towards becoming a truly global insurer. Building on seven years of trust between Canopius and SFMI, we will combine our strengths to solidify our position in the Lloyd’s market and pursue further global expansion, including in the US.

“We will fully support Canopius, enabling both companies to succeed together while preserving its expertise and autonomy.”