Samsung Fire & Marine (SFMI) Insurance has entered into an agreement to acquire the remaining 60% stake in Canopius, alongside funds managed by global investment firm KKR, and Korea Investment Corporation (KIC).
The outstanding shares are being acquired from Canopius’ other existing shareholders, including Fidentia Fortuna Holdings, the controlling consortium led by global private investment firm Centerbridge Partners.
SFMI will acquire an additional 40.6% stake in Canopius out of the remaining 60%, increasing its total ownership to 80.6% through this transaction - KKR and KIC will hold 12.1% and 7.3% respectively.
KKR intends to drive value creation and support Canopius’ continued growth by leveraging its global platform and operational, strategic, and M&A expertise.
KIC, the sovereign wealth fund of the Republic of Korea, participated in the co-investment as part of its strategic investment initiative aimed at supporting Korean companies in their global expansion.
Since its initial investment in 2019, SFMI has strengthened its strategic partnership with Canopius, and increased its stake to 40% through investment in 2025, and will secure a controlling interest through this latest transaction. This agreement marks the culmination of a strategic partnership built deliberately over seven years, through greater ownership and increasing strategic and operational collaboration. With this transaction, SFMI is fully committed to preserving Canopius’ strengths, with the overall objective to create the leading global specialty insurer across Lloyd’s, the US and Asia Pacific.
Samsung Fire & Marine Insurance CEO and President Munhwa (Marvin) Lee said that the acquisition marks a pivotal step in their 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," he said.
The transaction is subject to customary closing conditions, including required regulatory approvals.