Samsung Fire & Marine Reportedly Pursuing Majority Stake in UK Insurer Canopius

Samsung Fire & Marine Insurance is reportedly pursuing a controlling stake of 80% to 90% in UK-based specialty insurer Canopius, a move that would significantly deepen its investment in the global insurance market. The potential transaction was reported by The Korea Economic Daily on Thursday, which cited unnamed industry officials.

Details of the Potential Transaction

According to the report, Samsung Fire is expected to sign a share purchase agreement with Canopius's current shareholders, including private investment firm Centerbridge Partners, in the near future. This would build upon Samsung's existing minority holding in the company.

The cost to acquire an additional 50% stake is estimated to be in the mid-to-high 2 trillion won range. This valuation reportedly includes a premium for gaining management rights and full control over the UK-based insurer.

Expanding an Existing Partnership

This potential takeover represents a major escalation of an existing strategic partnership. Since 2019, Samsung Fire has already invested a total of 1.2 trillion won in Canopius through three separate funding rounds.

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These prior investments secured the South Korean firm its current 40% stake and representation on Canopius's board of directors. A successful acquisition would transition Samsung Fire from a key strategic investor to the majority owner, consolidating its position in the specialty insurance sector.

Broader M&A Activity

The report also noted separate, significant M&A activity from an affiliate company. Samsung Life Insurance is said to be pursuing a mid-teens percentage stake in U.S. retirement services company Principal Financial Group.

That deal is valued at approximately 5 trillion to 6 trillion won, and Samsung Life has reportedly initiated private negotiations and sent out requests for proposals to select advisers for the transaction.