- Published 2026.11.10 14:28
Buys entire remaining 60% stake worth 3tr won with KKR and KIC
Expands stake to 80% after 7 years, accelerating global market push
Samsung Fire & Marine Insurance has taken control of Canopius Group, a UK-based global specialty insurer, accelerating its overseas expansion. The move is part of Samsung Fire & Marine's strategy to overcome the limits of the saturated Korean market and secure new revenue sources in the high-entry-barrier global specialty insurance market.
According to the Financial Supervisory Service's DART (electronic disclosure system) and Samsung Fire & Marine on Nov. 10, the company signed an agreement on Nov. 9 with global private equity firm Kohlberg Kravis Roberts (KKR) and Korea Investment Corporation (KIC) to jointly acquire the remaining 60% stake in Canopius for $2.2 billion (about 3.08 trillion won). Samsung Fire & Marine will invest 2.2647 trillion won (about $1.7 billion) to acquire an additional 40.53% stake, bringing its total holding to 80.56% and becoming the controlling shareholder.
KKR and KIC, as co-investors, will invest $500 million (about 700 billion won) and $300 million (about 420 billion won), respectively, to take 12.15% and 7.29% stakes. Instead of bearing the entire acquisition cost of around 3 trillion won (about $2.2 billion) alone, Samsung Fire & Marine brought in global capital and a sovereign wealth fund as allies to reduce the financial burden from the large capital outflow. The stake acquisition is expected to be finalized on March 31 next year after approval procedures for the change of major shareholders by financial authorities in each country.
The acquisition of management control is the result of a seven-year partnership between Samsung Fire & Marine and Canopius. Samsung Fire & Marine first invested in Canopius in 2019 and subsequently purchased additional stakes in 2020 and 2025, steadily increasing its holding to 40.03%. Starting as an initial financial investment, it gradually expanded its influence and laid a solid foundation for entering the global market.
Canopius is a top-five global specialty insurer based in the Lloyd's market in London, UK. It specializes in covering risks that general insurers find difficult to handle, from large-scale accidents involving marine, aviation, and energy facilities to terrorism, kidnapping, and cyberattacks. It has established business networks in major countries including the United States, Singapore, and Australia, and recorded gross written premiums of $4.48 billion (about 6.27 trillion won) and pre-tax profit of $553 million (about 770 billion won) last year, showing stable growth.
Samsung Fire & Marine can now directly utilize Canopius's high-value specialty insurance underwriting capabilities and global sales network. This can greatly contribute to diversifying the revenue structure of the Korean non-life insurance market, which is slowing due to low birth rates and an aging population. In fact, Samsung Fire & Marine has set a goal to raise the share of overseas business revenue from the current 10% to the mid-20% range in the future.
The CEO also expressed strong commitment to the acquisition. Lee Mun-hwa, president of Samsung Fire & Marine, said, "This acquisition of management control of Canopius is an important turning point for leaping beyond the domestic market to become a global insurer," and added, "Based on the trust built over the past seven years, we will enhance competitiveness in the Lloyd's market and explore growth opportunities such as the US market."
KIC, which participated as a strategic investor in the deal, also plans to actively support the overseas expansion of the Korean financial industry. Park Il-young, president of Korea Investment Corporation, said, "Through this joint investment, Samsung Fire & Marine has laid the groundwork for full-fledged entry into the global market, and the Korean insurance industry as a whole has secured new growth engines."
(Dollar figures are approximate, converted automatically at 1,000 won = $0.735, the rate on Nov. 10, 2026.)
※ This article is an AI translation of the Korean original published by Korea Credit News; it was checked by automated quality guards and published by the English edition desk.
