Samsung Fire & Marine Insurance (SFMI) has agreed to invest an additional $570 mn in London-based Lloyd’s underwriter Canopius, acquiring a further 21% equity stake.
This will raise SFMI’s total ownership to 40%, according to statements from both companies.
The transaction marks the third phase of SFMI’s capital investment in Canopius, following earlier contributions totaling approximately $300 mn in 2019 and 2020.
With the new investment, SFMI becomes the second-largest shareholder in Canopius.
Canopius said the shares were acquired from Fidentia Fortuna Holdings, controlled by Centerbridge Partners, which remains the majority shareholder. The deal is subject to standard closing conditions, including regulatory approval.
SFMI and the Centerbridge-led consortium plan to establish a joint management structure, which will give the South Korean insurer increased board representation and a stronger role in corporate governance.
SFMI noted that the move is intended to enhance its global oversight capabilities and deepen its strategic alignment with Canopius.
Canopius Group CEO Neil Robertson welcomed the expanded investment, calling it a sign of shared confidence in the firm’s long-term strategy.
We are delighted that SFMI has chosen to increase its shareholding in Canopius. Their continued support reflects a shared confidence in our long-term strategy and the value we aim to create. SFMI has been a trusted partner since its initial investment, and we look forward to deepening our relationship as we continue to build a resilient and forward-looking business.
Neil Robertson, chief executive officer, Canopius Group
SFMI CEO Munhwa (Marvin) Lee described the transaction as a strategic milestone for international growth and closer cooperation, emphasizing SFMI’s goal of becoming a top-tier global insurer.
“This additional investment goes beyond a financial stake — it represents a strategic milestone toward increased collaboration and shared value creation. We remain committed to expanding our overseas footprint and driving innovation to evolve into a top-tier global insurer,” Munhwa Lee said.
