Samsung Fire & Marine Insurance agreed to pay 2.26 trillion won ($1.68 billion) for control of specialty insurer Canopius, aiming to widen its business abroad, The Korea Herald reported.
The transaction would move Samsung Fire's stake in Canopius' holding company, Fortuna Topco, from about 40% to 80.6%, the newspaper reported. In the same arrangement, Samsung Fire would acquire another 40.5% stake as a group buys 60% from current owners, including a consortium led by Centerbridge Partners.
Funds managed by KKR and the Korea Investment Corporation (KIC), South Korea's sovereign wealth fund, are set to own 12.1% and 7.3%, respectively, after closing, the paper reported.
Canopius operates in the Lloyd's of London insurance market and offers coverage for marine, aviation, cyber and energy risks, alongside reinsurance, according to the report. For last year, Canopius had $4.48 billion in written premiums and pretax profit of $553 million.
The Korea Herald traced the relationship to Samsung Fire's first investment in Canopius in 2019. The insurer added to its stake in 2020 and 2025; the later purchase brought its holding to about 40%, the paper reported. It also said a shareholder agreement gives Samsung Fire an option to acquire its partners' holdings over time, subject to agreed conditions.
Samsung Fire CEO Lee Mun-hwa described the agreement as a step in the company's global expansion and named the United States as a priority market, according to the report. He said the companies would combine their strengths in Lloyd's while preserving Canopius' management autonomy. KKR said its international network and experience in operations and acquisitions would support Canopius' growth; KIC framed the investment as backing for Korean businesses expanding abroad.
A Samsung Fire filing cited by The Korea Herald sets a target of completing the deal by the end of March 2027, pending regulatory approvals and other conditions.
