Samsung Fire & Marine Insurance to Acquire Controlling Stake in Canopius for $1.7 Billion

Samsung Fire & Marine Insurance will invest about 2.26 trillion won (approximately $1.7 billion) to raise its stake in UK specialty insurer Canopius Group to 80.6%, securing control. According to Sina Finance, the insurer said in a Tuesday announcement that Korea Investment Corporation (KIC), South Korea’s sovereign wealth fund, and private equity firm KKR are participating in the investment. After the deal closes, KKR and KIC are expected to hold 12.15% and 7.29% of Canopius, respectively. The deal will give South Korea’s largest non-life insurer control of Canopius and accelerate its expansion into the global specialty insurance market. Samsung Fire has held a 40% stake in Canopius, a Lloyd’s specialty insurance provider, through several investments since 2019. The transaction will be one of the largest overseas acquisitions by a South Korean financial institution. South Korean financial firms are increasingly looking overseas for growth.