Business · Companies · 7 hrs ago
Samsung Fire to take control of UK insurer Canopius
Samsung Fire plans to take control of Canopius, a London-based insurer that covers complex risks.
The South Korean insurer and institutional investors plan to spend about 3 trillion won to buy the remaining 60% stake.
Under the reported deal structure, Samsung Fire’s holding would rise from 40% to 80%, while institutional investors would hold the other 20%.
Samsung Fire first invested in Canopius in 2019 and added to its stake in later years.
Canopius insures risks including shipping, energy, cyber incidents and aviation, and also operates in the United States, Bermuda, Singapore and Australia.
The deal would expand Samsung Fire’s overseas specialty insurance business as growth slows in South Korea’s insurance market.
The sources do not say when the acquisition is expected to be completed.
Samsung Fire plans to acquire a controlling stake in UK-based insurer Canopius with institutional investors, investing about 3 trillion won.
Samsung Fire’s ownership is set to rise from 40% to 80%, while institutional investors will hold the remaining 20%.
The deal covers Canopius’s remaining 60% stake, held by a consortium led by US private equity firm Centerbridge Partners and others.
Canopius is expected to become a wholly owned subsidiary of Samsung Fire once the acquisition is completed.
The move is intended to expand Samsung Fire’s overseas business as growth in South Korea’s insurance market slows.
- Who
- Samsung Fire and institutional investors, including KKR, plan to acquire Canopius.
- What
- They plan to buy the remaining 60% stake for about 3 trillion won. Samsung Fire’s stake would rise to 80%, with investors holding 20%.
- When
- The report was published on November 10, 2026. The deal’s completion date is not stated.
- Where
- Canopius is based in London, UK, and operates in several other markets.
- Why
- Samsung Fire is seeking to expand overseas, particularly in the global specialty insurance market, as growth in South Korea’s insurance market slows.
This story does not have two clearly opposing sides.
Samsung Fire made its first investment in Canopius.
Samsung Fire made further investments in Canopius.
Samsung Fire increased its stake to 40% by acquiring an additional 21%.
Maeil Business reported that Samsung Fire and institutional investors planned to acquire Canopius’s remaining 60% stake.
- Planned investment
- About 3 trillion won
- Samsung Fire’s current stake
- 40%
- Samsung Fire’s planned stake
- 80%
- Institutional investors’ planned stake
- 20%
- Canopius’s reported 2024 gross written premiums
- $4.48 billion, up 27% year on year
- Canopius’s reported 2024 net income after tax
- $467 million, up 16% year on year