South Korean insurer ups stake in London-headquartered specialty underwriter

South Korean insurer Samsung Fire and Marine Insurance (SFMI) has entered into an agreement to purchase an additional 21% equity stake in Canopius Group.

The deal brings SFMI’s shareholding in the firm to 40% and marks its third investment in the specialty insurer, following previous investments in 2019 and 2020.

The transaction is subject to customary closing conditions, including regulatory approvals.

Neil Robertson, group chief executive at Canopius, said, “We are delighted that SFMI has chosen to increase its shareholding.

“Its continued support reflects a shared confidence in our long-term strategy and the value we aim to create.

“SFMI has been a trusted partner since its initial investment and we look forward to deepening our relationship as we continue to build a resilient and forward-looking business.”

Munhwa Lee, chief executive at SFMI, added: “This additional investment goes beyond a financial stake – it represents a strategic milestone toward increased collaboration and shared value creation.

“We remain committed to expanding our overseas footprint and driving innovation to evolve into a top-tier global insurer.”

‘Next chapter’

The stake was purchased from existing shareholders Fidentia Fortuna Holdings, which is led by US private equity firm Centerbridge Partners.

Centerbridge Partners’ senior managing directors Ben Langworthy and Matthew Kabaker said: “SFMI’s decision to increase its investment in Canopius reflects the group’s outstanding growth and financial performance over the last three years, delivering on its strategic plan.

“We look forward to continuing our successful partnership with Canopius and SFMI as the company embarks on its next chapter with exciting ambitions for growth globally.”