Canopius Announces New Ownership Agreement
Canopius Group announced that Samsung Fire & Marine Insurance [SFMI] has entered into an agreement to acquire the remaining 60% stake in Canopius, alongside funds managed by global investment firm KKR, and Korea Investment Corporation [KIC].
A spokesperson said, “The outstanding shares are being acquired from Canopius’ other existing shareholders, including Fidentia Fortuna Holdings, the controlling consortium led by global private investment firm Centerbridge Partners.
“SFMI will acquire an additional 40.6% stake in Canopius out of the remaining 60%, increasing its total ownership to 80.6% through this transaction – KKR and KIC will hold 12.1% and 7.3% respectively. [The final shareholding is subject to minor adjustments at closing].
“KKR intends to drive value creation and support Canopius’ continued growth by leveraging its global platform and operational, strategic, and M&A expertise.
“KIC, the sovereign wealth fund of the Republic of Korea, participated in the co-investment as part of its strategic investment initiative aimed at supporting Korean companies in their global expansion.
“Since its initial investment in 2019, SFMI has strengthened its strategic partnership with Canopius. SFMI increased its stake to 40% through investment in 2025, and will secure a controlling interest through this latest transaction. This agreement marks the culmination of a strategic partnership built deliberately over seven years, through greater ownership and increasing strategic and operational collaboration. With this transaction, SFMI is fully committed to preserving Canopius’ strengths, with the overall objective to create the leading global specialty insurer across Lloyd’s, the U.S. and Asia Pacific.”
Munhwa [Marvin] Lee, Chief Executive Officer & President of Samsung Fire & Marine Insurance, said: “This acquisition marks a pivotal step in our journey towards becoming a truly global insurer. Building on seven years of trust between Canopius and SFMI, we will combine our strengths to solidify our position in the Lloyd’s market and pursue further global expansion, including in the US.” He added, “We will fully support Canopius, enabling both companies to succeed together while preserving its expertise and autonomy.”
Neil Robertson, Group Chief Executive Officer of Canopius Group, said: “SFMI has grown to know this business over the past seven years. They have watched, at close quarters, what we have built, and they are enticed by the exciting plans we have evolved, and they have chosen to back it in full. There is no greater compliment a partner can pay, and we are grateful for the confidence they are placing in us. What this brings Canopius is permanent capital and an owner with a long-term view; we will retain the same appetite, the same discipline and the same people alongside our clients and brokers. For everyone here this is a launch pad rather than a finish line, and I am incredibly optimistic about what we will build next. I would also like to thank Centerbridge and the other consortium partners for their support and partnership over the last few years.”
Centerbridge Partners Senior Managing Directors Ben Langworthy and Matthew Kabaker said, “It has been a privilege to support Canopius on its journey to becoming one of the world’s leading specialty underwriters. Alongside the Group’s management team and SFMI, we supported a period of substantial growth and transformation. Through strategic investment, operational enhancement and a disciplined focus on long-term value creation, Canopius has strengthened its market position, expanded its global footprint and enhanced its long-term growth prospects. Together, we helped build a stronger platform for sustained growth. We are proud of the value created during this partnership and wish the company, its management team and SFMI every success in the years ahead.”
Michael Small, Partner, Credit & Markets at KKR, said: “This transaction reflects the value of flexible, long-term capital in supporting a high-quality business with a differentiated global franchise. We look forward to supporting Canopius in its next phase of growth, drawing on KKR’s global network and deep operational and sector experience across insurance and reinsurance.”
Il Young Park, KIC CEO, said: “KIC will continue to actively participate in a diverse range of investments and seek opportunities to enhance the competitiveness of Korean industry through the overseas expansion of Korean companies.”
A spokesperson added, “The transaction is subject to customary closing conditions, including required regulatory approvals.”
