Samsung Fire & Marine agrees to lift Canopius stake to 80.6%

Samsung Fire & Marine Insurance agreed to buy a further 40.6% of Canopius Group, taking its ownership of the Lloyd's and Bermuda reinsurer to 80.6% and giving the Korean insurer control. Terms were not disclosed.

Samsung Fire & Marine will hold 80.6%, funds managed by KKR 12.1% and Korea Investment Corporation, South Korea's sovereign wealth fund, 7.3%. Canopius said the final stakes could change slightly at closing. The sellers include Fidentia Fortuna Holdings, the controlling consortium led by Centerbridge Partners.

For allocators who hold Lloyd's or Bermuda reinsurance capacity through funds, the ownership change does not by itself alter the underwriting. Canopius chief executive Neil Robertson said the group keeps “the same appetite, the same discipline and the same people.” Samsung Fire & Marine said it would preserve Canopius's expertise and autonomy and that the deal helps it build a specialty insurance business across Lloyd's, the United States and Asia-Pacific.

The Korean insurer first invested in Canopius in 2019 and raised its stake to 40% in 2025. As Private Wealth Daily previously reported, the credit question around a control stake was how Samsung Fire & Marine would fund it. Munhwa “Marvin” Lee, the insurer's chief executive and president, said: “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.”

Canopius underwrites through Lloyd's Syndicate 4444, US surplus lines insurer Canopius US Insurance and Bermuda-based Canopius Reinsurance Ltd, the group's Class 4 reinsurance operation, and has offices in Australia, Singapore and Britain. Robertson said the transaction brings Canopius “permanent capital and an owner with a long-term view.”

KKR said it would draw on its insurance and reinsurance experience, as well as its operational and mergers and acquisitions expertise, to support Canopius's growth. Korea Investment Corporation said it invested as part of an initiative to help South Korean companies expand overseas. The transaction is subject to regulatory approvals and other customary closing conditions.