Samsung Fire & Marine Insurance (SFMI) has agreed to acquire a controlling stake in Canopius Group as part of a $2.47 bn transaction involving investment firm KKR and Korea Investment Corporation (KIC).
The consortium will purchase the remaining 60% of the international specialty insurer and reinsurer from existing shareholders, including Fidentia Fortuna Holdings, a controlling investor group led by Centerbridge Partners.
Samsung will acquire an additional 40.6% stake, increasing its ownership from 40% to approximately 80.6%. KKR will hold 12.1%, while KIC, South Korea’s sovereign wealth fund, will own 7.3%.
- Samsung Fire & Marine will increase its ownership of Canopius to 80.6% through a transaction valued at approximately $2.47 bn.
- KKR and Korea Investment Corporation will acquire minority stakes of 12.1% and 7.3%, respectively, while Centerbridge Partners and other existing shareholders exit.
- The acquisition is expected to close by the end of March 2027, subject to regulatory approvals, and will support Samsung’s international specialty insurance expansion.
Assuming completion at the end of March 2027, total consideration is estimated at $2.47 bn, with Samsung expected to invest approximately $1.67 bn. The final ownership percentages remain subject to minor adjustments at closing.
The agreement follows seven years of cooperation between Samsung and Canopius and will give the Korean insurer control of a specialty underwriting business operating across Lloyd’s, the US and Asia Pacific.
Samsung Fire & Marine secures control of Canopius
Samsung’s relationship with Canopius began in 2019 through an initial strategic investment. The insurer subsequently increased its ownership to 40% in 2025, establishing a substantial minority position before agreeing to the latest acquisition.
The transaction will consolidate control under SFMI, with KKR and KIC participating as minority investors.
Samsung’s additional 40.6% acquisition will bring its total ownership to 80.6%, giving the insurer a controlling interest in Canopius after seven years of strategic investment.
Munhwa (Marvin) Lee, Chief Executive Officer and President of Samsung Fire & Marine Insurance, said the acquisition would strengthen its position in the Lloyd’s insurance market and support expansion into the US.
“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,” Lee said.
Samsung intends to preserve Canopius’ underwriting expertise and operational independence while supporting its international development.
The companies aim to build a global specialty insurance business with a stronger presence across Lloyd’s, the US and Asia Pacific.
KKR and KIC join Canopius as minority investors
KKR will acquire a 12.1% holding and plans to support Canopius through its international investment platform, operational resources and experience in strategic development and mergers and acquisitions.
Michael Small, Partner, Credit & Markets at KKR, said the investment would provide long-term capital for an established global specialty insurance business. “This transaction reflects the value of flexible, long-term capital in supporting a high-quality business with a differentiated global franchise,” Small said.
KIC will acquire a 7.3% stake as part of its strategic initiative to support Korean companies expanding internationally.
KIC’s participation aligns with the sovereign wealth fund’s objective of supporting overseas expansion by South Korean companies through strategic investments.
Il Young Park, CEO of KIC, said the fund would continue pursuing investments designed to strengthen the international competitiveness of Korean businesses.
The investment structure combines Samsung’s controlling ownership with institutional capital and operational support from KKR and KIC.
Canopius expects permanent capital and long-term ownership
Canopius, which employs approximately 1,000 people, will move from its existing private investment ownership structure to majority control by Samsung.
Neil Robertson, Group Chief Executive Officer of Canopius, said the transaction would provide permanent capital from an investor already familiar with the company’s strategy and operations.
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.
The acquisition is intended to support the insurer’s existing underwriting strategy rather than change its operating model.
Robertson also thanked Centerbridge and the other consortium investors for their support during the previous ownership period.
Canopius expects to retain its underwriting discipline, management expertise and relationships with clients and brokers under Samsung’s majority ownership.
The outgoing investors had supported Canopius through international expansion, operational improvements and investment in its specialty underwriting platform.
Centerbridge Partners exits Canopius investment
The transaction will see Centerbridge Partners-led Fidentia Fortuna Holdings and other existing shareholders sell their remaining interests in the business.
Centerbridge Senior Managing Directors Ben Langworthy and Matthew Kabaker said the investment period had included substantial growth, strategic investment and operational development.
They credited the partnership between Canopius management, Samsung and the existing investors with expanding the insurer’s international presence and strengthening its market position.
The sale ends Centerbridge’s controlling investment in Canopius, transferring ownership to a consortium led by Samsung with KKR and KIC as minority shareholders.
The transaction remains subject to customary closing conditions, including regulatory approvals.
Fenchurch Advisory Partners is acting as lead financial adviser to Fidentia Fortuna Holdings, with Macquarie Capital and Royal Bank of Canada serving as co-advisers. Freshfields is providing legal advice.
Goldman Sachs is advising Samsung Fire & Marine Insurance. Morgan Stanley is acting as arranger and structuring agent for the private credit financing, while Norton Rose Fulbright is serving as legal adviser.
Completion is anticipated by the end of March 2027, after which Samsung will become Canopius’ majority shareholder.
