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Photo = Samsung Fire & Marine Insurance |
[Alpha Biz= Paul Lee] SEOUL, South Korea – June 11, 2025 — Samsung Fire & Marine Insurance announced today that it has signed an agreement to acquire an additional stake in Canopius, a top-five insurer operating within the Lloyd’s of London insurance market, for $570 million (approx. KRW 800 billion).
Under the agreement, Samsung will acquire existing shares of Canopius’ parent entity, Fortuna TopCo Limited, increasing its ownership by 21.17 percentage points to a total of 40.03%, thereby reaffirming its position as the second-largest shareholder.
Samsung previously invested $300 million each in 2019 and 2020, marking today’s transaction as a continued commitment to expanding its global footprint.
“This investment is more than just a financial stake — it is a strategic milestone toward joint management and value creation in the global market,” said Lee Moon-hwa, CEO of Samsung Fire & Marine Insurance. “We will continue to push beyond the limits of Korea’s insurance market to become a world-class insurer through aggressive global expansion and innovation.”
The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close by the end of September. The final investment amount may be adjusted based on Canopius’ financial performance at the time of closing.
As part of the transaction, Samsung will work alongside Fidensia Consortium, led by U.S. private equity firm Centerbridge — the majority shareholder — to establish a co-management structure. Samsung aims to expand its board representation and gain influence over key decisions to further strengthen its global management capabilities.
Canopius, headquartered in London and rooted in the historic Lloyd’s of London market, has grown significantly since Samsung’s initial investment. The insurer has expanded its product portfolio and geographic reach, reporting $3.53 billion in gross written premiums as of year-end 2024.
The Lloyd’s market, which began in the 17th century as a coffeehouse run by Edward Lloyd, remains the world’s largest specialty insurance marketplace, covering complex risks such as fire, war, and natural catastrophes.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
