SEOUL, November 10 (AJP) - Samsung Fire & Marine Insurance will invest about 2.26 trillion won (US$1.67 billion) to take management control of British specialty insurer Canopius.
According to a disclosure by the Financial Supervisory Service (FSS) on Tuesday, Samsung Fire signed an agreement the previous day with a fund managed by global investment firm KKR and the Korea Investment Corporation (KIC) to acquire an additional stake in Canopius.
Samsung Fire will acquire an additional 40.53 percent stake for 2.26 trillion won, raising its ownership to 80.56 percent from the current 40.03 percent. KKR and KIC will hold 12.15 percent and 7.29 percent, respectively. The deal is scheduled to be completed by March 31 next year, subject to regulatory approvals and other conditions.
The latest move is part of the South Korean insurer's push to expand overseas and strengthen its global presence, as it aims to increase the share of its overseas business from the current 10 percent to the mid-20 percent range while securing a stronger foothold in the international specialty insurance market through its additional investment in Canopius.
It comes about seven years after Samsung Fire first invested in Canopius in 2019 and gradually increased its stake through additional stake purchases in 2020 and 2025.
Canopius is a London-based global specialty insurer specializing in complex and unusual risks that are not always covered by conventional insurance policies. Its business includes areas such as aviation, marine, energy and cyber insurance.
It posted $4.48 billion in gross written premiums last year, with pretax profit reaching $553 million and return on equity standing at 21 percent.
Samsung Fire said it plans to maintain Canopius' existing business strengths while leveraging its international network and expertise to expand into Asia and the U.S.
"Gaining management control of Canopius marks an important turning point for us as we seek to move beyond the domestic market and become a global player," Samsung Fire CEO Lee Mun-hwa said. "We will combine the strengths of both companies to enhance our competitiveness in the Lloyd's market and actively pursue global growth opportunities," he added.
According to a disclosure by the Financial Supervisory Service (FSS) on Tuesday, Samsung Fire signed an agreement the previous day with a fund managed by global investment firm KKR and the Korea Investment Corporation (KIC) to acquire an additional stake in Canopius.
Samsung Fire will acquire an additional 40.53 percent stake for 2.26 trillion won, raising its ownership to 80.56 percent from the current 40.03 percent. KKR and KIC will hold 12.15 percent and 7.29 percent, respectively. The deal is scheduled to be completed by March 31 next year, subject to regulatory approvals and other conditions.
The latest move is part of the South Korean insurer's push to expand overseas and strengthen its global presence, as it aims to increase the share of its overseas business from the current 10 percent to the mid-20 percent range while securing a stronger foothold in the international specialty insurance market through its additional investment in Canopius.
It comes about seven years after Samsung Fire first invested in Canopius in 2019 and gradually increased its stake through additional stake purchases in 2020 and 2025.
Canopius is a London-based global specialty insurer specializing in complex and unusual risks that are not always covered by conventional insurance policies. Its business includes areas such as aviation, marine, energy and cyber insurance.
It posted $4.48 billion in gross written premiums last year, with pretax profit reaching $553 million and return on equity standing at 21 percent.
Samsung Fire said it plans to maintain Canopius' existing business strengths while leveraging its international network and expertise to expand into Asia and the U.S.
"Gaining management control of Canopius marks an important turning point for us as we seek to move beyond the domestic market and become a global player," Samsung Fire CEO Lee Mun-hwa said. "We will combine the strengths of both companies to enhance our competitiveness in the Lloyd's market and actively pursue global growth opportunities," he added.
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