Samsung Fire & Marine Insurance (SFMI) has agreed to acquire an additional 40.6% stake in Lloyd's specialty (re)insurer Canopius, taking its ownership to 80.6%.
Funds managed by KKR and Korea Investment Corporation (KIC), the sovereign wealth fund of the Republic of Korea, will take 12.1% and 7.3% respectively of the remaining 60% being bought from Canopius' other shareholders, including Fidentia Fortuna Holdings, the controlling consortium led by Centerbridge Partners.
SFMI's own share of the cash acquisition is expected to cost KRW 2.26tn, or about $1.67bn, according to its regulatory filing. No total deal value was disclosed. Completion is expected on 31 March 2027, subject to customary closing conditions including regulatory approvals.
SFMI first invested in Canopius in 2019 and increased its stake to 40% in 2025. According to the release, it aims to create the leading global specialty insurer across Lloyd's, the US, and Asia Pacific. KIC joined the deal as part of its strategic investment initiative supporting Korean companies' global expansion.
"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," said Munhwa (Marvin) Lee, Chief Executive Officer & President of Samsung Fire & Marine Insurance.
"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. For everyone here this is a launch pad rather than a finish line, and I am incredibly optimistic about what we will build next," said Neil Robertson, Group Chief Executive Officer of Canopius Group.
Canopius underwrites through Lloyd's Syndicate 4444, US surplus lines insurer Canopius US Insurance, Inc, and Bermuda Class 4 reinsurer Canopius Reinsurance Ltd. It has offices in Australia, Bermuda, Singapore, the UK, and the US, and writes business in more than 130 countries.
Goldman Sachs is financial adviser to SFMI, with Morgan Stanley as arranger and structuring agent for the private credit financing and Norton Rose Fulbright as legal adviser. Fenchurch is lead adviser to the sellers, alongside Macquarie Capital and RBC, with Freshfields as legal adviser.
