Samsung Fire & Marine Insurance to Take Control of Lloyd’s Insurer Canopius in Global Expansion Push

Samsung Fire & Marine Insurance is poised to assume control of UK-based specialty insurer Canopius, a significant move in its global insurance expansion efforts. The South Korean firm announced on November 9 that it had inked an agreement with investment entities KKR and Korea Investment Corporation (KIC) to purchase the remaining 60% stake in Canopius, which is presently owned by Fidentia Fortuna Holdings, overseen by Centerbridge Partners.

This acquisition will elevate Samsung Fire & Marine's stake in Canopius to 80.6%, up from 40% in 2019. KKR and KIC will acquire around 12.1% and 7.3%, respectively, with the final ownership potentially subject to minor tweaks at closing. This transaction will give Samsung Fire & Marine a controlling stake in Canopius, bolstering its standing in the international specialty insurance sector and expanding its footprint in overseas markets.

The two companies have been collaborating strategically and commercially for the past seven years, with the latest acquisition marking the culmination of this long-term partnership and signaling the beginning of their joint growth strategy. KKR will employ its global network, operational expertise, and M&A know-how to bolster Canopius' development and enhance its corporate value, while KIC will support Korean firms' international expansion through strategic investments.

In 2025, Canopius achieved US$4.484 billion in gross written premiums, US$553 million in pre-tax profit, and a 21% return on equity, with operations spanning the Lloyd's market, the United States, and Asia. Following the acquisition, Samsung Fire & Marine plans to maintain Canopius' strengths and expertise while supporting its long-term growth, aiming to enhance its competitiveness in the Lloyd's market and pursue expansion opportunities in the United States.

The deal is also expected to reshape Samsung Fire & Marine's business portfolio, with the company targeting a significant increase in the contribution of overseas operations to its overall business, from the current 10% to the mid-20% range.