Samsung Fire agrees to take control of Lloyd's insurer Canopius
The Korean insurer is set to hold 80.6% after buying out sellers including a Centerbridge-led consortium, with KKR and South Korea's KIC taking the rest.
Samsung Fire & Marine Insurance has entered into an agreement with funds managed by KKR and Korea Investment Corporation (KIC) to acquire the remaining 60% of Canopius, Canopius said on 10 November.
Samsung Fire will take an additional 40.6%, lifting its holding to 80.6%, with KKR holding 12.1% and KIC, South Korea's sovereign wealth fund, 7.3%. The final shareholding is subject to minor adjustments at closing, Canopius said. The sellers include Fidentia Fortuna Holdings, the controlling consortium led by Centerbridge Partners.
Samsung Fire first invested in Canopius in 2019 and raised its stake to 40% in 2025, according to the release.
Canopius underwrites through Lloyd's Syndicate 4444, managed by Canopius Managing Agents Limited, as well as a US surplus lines insurer and a Bermuda reinsurer. Neil Robertson, group chief executive, said the deal brings "permanent capital and an owner with a long-term view", and that Canopius would "retain the same appetite, the same discipline and the same people".
The deal is subject to customary closing conditions, including regulatory approvals.
Related coverage: Optio announces SAFE deal in second European move in a week; Credeq and Generali join Lloyd's queue for 1 January 2027 starts.
Sources
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