KRW 2.3 Trillion Bet... Samsung Fire & Marine Insurance Acquires Control of Canopius

Secures 80.56% stake seven years after its first investment in 2019
KKR and KIC join as co-investors... total acquisition funding reaches approximately KRW 3 trillion
Plans to raise overseas business share to the mid-20% range... targets global specialty insurance market

Samsung Fire & Marine Insurance has secured management control of British specialty insurer Canopius by investing KRW 2.2646 trillion to acquire an additional stake. The move comes seven years after its first investment in 2019. The strategy is seen as an effort to find new sources of revenue in the global specialty insurance market in response to the saturation of South Korea's insurance market and slowing growth caused by low birth rates and an aging population.

Samsung Fire & Marine Insurance disclosed on November 10 that it would acquire an additional 405,316,526 shares in Fortuna Topco Limited, Canopius's holding company. The acquisition price is KRW 2.264686 trillion. With the additional 40.53% stake, Samsung Fire & Marine Insurance will raise its existing 40.03% holding to 80.56% upon completion of the transaction.

Global investment firm KKR and Korea Investment Corporation (KIC) are participating in the transaction as co-investors. The total acquisition funding, including that from the co-investors, amounts to approximately KRW 3 trillion. Upon completion of the transaction, KKR and KIC are expected to hold 12.15% and 7.29%, respectively. The acquisition process is scheduled to be finalized on March 31, 2027.

Samsung Fire & Marine Insurance first invested in Canopius in 2019 and acquired additional stakes in 2020 and 2025. In 2025, it secured an additional stake of approximately 21 percentage points, raising its ownership to 40.03%. Once the transaction is completed, Canopius will become a consolidated subsidiary of Samsung Fire & Marine Insurance.

Headquartered in the United Kingdom, Canopius is a global insurer that provides specialty insurance and reinsurance covering marine, energy, aviation, and cyber risks. In 2025, it recorded gross written premiums of $4.484 billion (approximately KRW 6.066 trillion) and pretax profit of $553 million (approximately KRW 748.2 billion), with a return on equity (ROE) of 21%.

With this acquisition of management control, Samsung Fire & Marine Insurance plans to increase the share of its overseas business from the current level of around 10% to the mid-20% range and strengthen its position as a global insurer. It aims to build on Canopius's existing business strengths and become a global specialty insurer with a presence in the Lloyd's market as well as the United States and Asia.

Samsung Fire & Marine Insurance CEO Lee Mun-hwa said, "The acquisition of management control of Canopius is an important turning point for Samsung Fire & Marine Insurance as it moves beyond the domestic market to become a global insurer. We will strengthen our competitiveness in the Lloyd's market and actively pursue global growth opportunities, including expanding in the U.S. market."

This content was produced with the assistance of AI translation services.