Samsung Fire & Marine Insurance (SFMI) has agreed to acquire a further 40.6% stake in UK specialty insurer Canopius, lifting its ownership to 80.6% and securing control.
SFMI is buying control for about Won2.26tn ($1.68bn), joining forces with US private equity firm KKR and the Korea Investment Corporation (KIC).
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The shares will come from Canopius’ existing shareholders, including Fidentia Fortuna Holdings, a controlling consortium led by Centerbridge Partners.
Funds managed by KKR will take a 12.1% stake, while KIC will hold 7.3%.
Several media reports said KKR and KIC will invest $500m and $300m respectively.
The final ownership structure may be subject to minor adjustments at closing.
The deal builds on a relationship that began with SFMI’s initial investment in Canopius in 2019.
SFMI raised its holding to 40% in 2025 and plans to use its controlling position to deepen collaboration across Canopius’ international specialty insurance and reinsurance operations.
SFMI said the transaction is intended to support the development of a global specialty insurer with operations spanning Lloyd’s, the US and Asia Pacific.
KKR will support Canopius’ growth through its global platform and expertise in operations, strategy, and mergers and acquisitions.
KIC’s participation forms part of its strategic investment initiative to support the international expansion of Korean companies.
Canopius underwrites specialty and property and casualty insurance and reinsurance through Lloyd’s Syndicate, Canopius US Insurance and Canopius Reinsurance.
The group operates in Australia, Bermuda, Singapore, the UK and the US, providing insurance solutions in more than 130 countries.
The transaction remains subject to customary closing conditions, including regulatory approvals.
SFMI CEO and president Munhwa Lee 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.”
