Samsung Fire & Marine Insurance said on the 24th that it completed an additional equity acquisition worth $580 million (about 800 billion won) in Canopius, a Lloyd's insurer based in the United Kingdom that operates a global insurance business.
After signing a stock purchase agreement on June 11 with Pydensia Consortium, led by Centerbridge, a U.S. private equity firm and the major shareholder of Canopius, Samsung Fire & Marine Insurance completed all procedures required for the acquisition, including approvals from domestic and foreign supervisory authorities and antitrust reviews.
Canopius is an insurer that posted $3.53 billion in revenue, $400 million in net profit, and a combined ratio of 90.2% in 2024. Over the past six years, Samsung Fire & Marine Insurance has run a successful partnership through participation in management via the Canopius board, cooperation in the reinsurance business, and exchanges of key personnel.
This investment is the third, following about $300 million invested over two rounds in 2019 and 2020. With the completion of this investment, Samsung Fire & Marine Insurance secured an additional 21% equity in Canopius, solidifying its position as the No. 2 shareholder with a total of 40% equity.
With the additional equity acquisition finalized, Samsung Fire & Marine Insurance will establish a practical joint management structure together with Pydensia Consortium, the major shareholder of Canopius.