South Korea’s Samsung Fire & Marine Insurance (SFMI) has agreed to acquire an additional 40.6% stake in UK-based specialty insurer Canopius, according to an announcement.
SFMI will take the additional stake alongside global investment firm KKR and Korea Investment Corporation (KIC), increasing its ownership to 80.6%.
The transaction involves the acquisition of an additional 40.6% stake in Canopius out of the remaining 60% from existing shareholders. KKR and KIC will hold 12.1% and 7.3%, respectively.
The transaction will give SFMI a controlling interest in Canopius after seven years of strategic partnership. The South Korean insurer first invested in the group in 2019 and increased its stake to 40% in 2025.
SFMI said it would work with Canopius to strengthen its position in the Lloyd’s market and pursue further international expansion, including in the United States.
“This acquisition marks a pivotal step in our journey towards becoming a truly global insurer,” said Munhwa (Marvin) Lee, chief executive and president of SFMI.
Lee said the companies would combine their strengths while preserving Canopius’ expertise and autonomy.
KKR intends to support Canopius’ continued growth by leveraging its global platform and operational, strategic, and mergers and acquisitions expertise.
The investment also reflects KKR’s strategy of providing flexible, long-term capital to businesses with differentiated global franchises, said Michael Small, a partner in KKR’s Credit & Markets business.
KIC, South Korea’s sovereign wealth fund, participated in the co-investment as part of its strategic investment initiative to support Korean companies in their global expansion.
Canopius chief executive Neil Robertson said the transaction would provide the insurer with permanent capital and a shareholder with a long-term investment horizon.
