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Miami Herald
a day ago
- Business
- Miami Herald
Samsung Fire invests $570 million in Canopius
June 12 (UPI) -- South Korea's Samsung Fire & Marine Insurance has invested $570 million in Canopius Group to increase its stake in the international specialty insurer from 19% to 40%. Canopius announced Wednesday that Samsung Fire had purchased the 21% stake from Fidentia Fortuna Holdings, which is owned by U.S. private equity company Centerbridge Partners. It marked Samsung Fire's third investment in Canopius. South Korea's leading non-life insurance firm channeled funds in 2019 and 2020 to secure a 21% stake in London-based Canopius. The transaction, which is expected to take place on Sept. 30 this year, is subject to customary closing conditions, including regulatory approvals. "This additional investment goes beyond a financial stake -- it represents a strategic milestone toward increased collaboration and shared value creation," Samsung Fire CEO Lee Mun-hwa said in a statement. "We remain committed to expanding our overseas footprint and driving innovation to evolve into a top-tier global insurer," he added. Established in 2003, Canopius has grown into a top-tier global underwriter, which has operations in more than 130 countries, including Bermuda, the Netherlands, Singapore, Switzerland, the United Kingdom, and the United States. The company ranks as the fifth-largest syndicate in the Lloyd's London market. Samsung Fire has actively explored investment opportunities in overseas markets. It spent $19 million in 2017 to become the second-largest shareholder of Vietnamese insurer PJICO with a 20% interest. In 2018, the Seoul-based company channeled $20 million to buy a roughly 5% shareholding in Indonesian non-life insurance company TPI. Copyright 2025 UPI News Corporation. All Rights Reserved.
UPI
2 days ago
- Business
- UPI
Samsung Fire invests $570 million in Canopius
June 12 (UPI) -- South Korea's Samsung Fire & Marine Insurance has invested $570 million in Canopius Group to increase its stake in the international specialty insurer from 19% to 40%. Canopius announced Wednesday that Samsung Fire had purchased the 21% stake from Fidentia Fortuna Holdings, which is owned by U.S. private equity company Centerbridge Partners. It marked Samsung Fire's third investment in Canopius. South Korea's leading non-life insurance firm channeled funds in 2019 and 2020 to secure a 21% stake in London-based Canopius. The transaction, which is expected to take place on Sept. 30 this year, is subject to customary closing conditions, including regulatory approvals. "This additional investment goes beyond a financial stake -- it represents a strategic milestone toward increased collaboration and shared value creation," Samsung Fire CEO Lee Mun-hwa said in a statement. "We remain committed to expanding our overseas footprint and driving innovation to evolve into a top-tier global insurer," he added. Established in 2003, Canopius has grown into a top-tier global underwriter, which has operations in more than 130 countries, including Bermuda, the Netherlands, Singapore, Switzerland, the United Kingdom, and the United States. The company ranks as the fifth-largest syndicate in the Lloyd's London market. Samsung Fire has actively explored investment opportunities in overseas markets. It spent $19 million in 2017 to become the second-largest shareholder of Vietnamese insurer PJICO with a 20% interest. In 2018, the Seoul-based company channeled $20 million to buy a roughly 5% shareholding in Indonesian non-life insurance company TPI.
Korea Herald
2 days ago
- Business
- Korea Herald
Samsung Fire ups Canopius stake to 40% in global push
Samsung Fire & Marine Insurance is ramping up its overseas expansion with a $570 million investment in Canopius Group, increasing its stake in the London-based specialty insurer to 40 percent. The Korean general insurer said Wednesday it will acquire an additional 21.17 percent stake in Fortuna Topco, the holding company that owns 100 percent of Canopius. A Samsung Fire official noted the stake effectively translates to a direct holding in Canopius, which specializes in property and casualty insurance and reinsurance. The shares are being acquired from a Centerbridge-led consortium, which will retain a 60 percent controlling stake after the transaction. Pending regulatory approvals in both countries, the deal is expected to close by the end of September. This marks Samsung Fire's third investment in Canopius, following a combined $300 million in stakes acquired in 2019 and 2020. Samsung Fire's latest move further solidifies its position as the second-largest shareholder and establishes its role as a co-operator of Canopius alongside the Centerbridge-led consortium. Canopius has posted steady growth in recent years, reporting $3.53 billion in gross written premiums in 2024 and ranking among the top five at Lloyd's, one of the world's largest specialty and reinsurance marketplaces. It operates underwriting platforms in Bermuda, the Netherlands, Singapore, Switzerland, the UK, the US and Lloyd's China. Samsung Fire said its partnership with Canopius has also delivered tangible benefits, including around 300 billion won ($221 million) in reinsurance revenue and 88 billion won in equity-method gains in 2024. With its expanded stake, the company plans to step up its board involvement and decision-making role to further strengthen its global footprint. 'This deal goes beyond a simple stake investment — it marks a strategic milestone for joint management and value creation in the global market,' said Samsung Fire & Marine CEO Lee Mun-hwa. 'We will continue to move beyond Korea's insurance market through bold global expansion and innovation, aiming to become a leading international insurer.'
