Private Equity, Securities, and Banking... Insurers Expanding Overseas Financial Portfolios

Samsung Life Signs Acquisition Agreement for Stake in European Private Equity Firm Hayfin
Hanwha Life Acquires 75% Stake in U.S. Securities Firm Velocity
Samsung Fire & Marine and DB Insurance Pursue Additional Investments in Overseas Insurers

Domestic insurance companies are expanding their investments in overseas financial firms, seeking to diversify their portfolios. This strategy is seen as an effort to escape the growth limitations faced in the domestic market due to low birth rates and an aging population, and to find opportunities for synergy in their core business and new ventures in the global market.

According to the financial industry on September 15, Samsung Life Insurance recently signed an acquisition agreement for a stake in Hayfin Capital Management, a European private equity fund manager owned by the U.S. private equity fund group Arctos Partners. As the deal has not yet been finalized, the specific size or amount of the stake to be acquired has not been disclosed. Hayfin, established in London, United Kingdom, is the largest private equity fund manager in Europe, managing assets worth 34 billion euros (approximately 56 trillion won). Park Junkyu, Vice President of Samsung Life Insurance, stated, "This strategic partnership will play a crucial role in the growth and global expansion of Samsung Life Insurance's asset management business."

Samsung Life Insurance has continued its investments in European financial companies in recent years. In 2021, it acquired a 25% stake in Savills Investment Management, the asset management arm of the UK-based global real estate firm Savills. In 2022, it signed a fund investment agreement worth 650 million dollars (about 900 billion won) with Blackstone, the world's largest private equity fund manager. In 2023, it purchased a 20% stake in Meridiam SAS, a French infrastructure investment management company, becoming its second-largest shareholder.

Hanwha Life Insurance has expanded its investments from Southeast Asia to the United States. In July, Hanwha Life Insurance acquired a 75% stake in Velocity, a U.S. securities firm. Just one month earlier, in June, it completed a contract to acquire a 40% stake in Indonesia's Nobu Bank for 310 billion won. Hanwha Life Insurance is the first domestic insurer to enter both the Indonesian banking sector and the U.S. securities industry.

DB Insurance has also set its sights on the U.S. market. In June, DB Insurance announced its plan to acquire a 100% stake in Fortegra, a U.S. insurance company specializing in automobile insurance. Fortegra, a subsidiary of Tiptree that underwrites and manages specialty insurance products, is engaged in specialty insurance and vehicle service contract businesses. As of the end of last year, Fortegra's assets were valued at approximately 7.3 trillion won, and the company's overall value is estimated at around 2 trillion won. Last year, DB Insurance also acquired a 75% stake in both Vietnam National Aviation Insurance (VNI) and Saigon-Hanoi Insurance (BSH). Including Post and Telecommunication Insurance (PTI), DB Insurance now owns three non-life insurance companies in Vietnam.

In June, Samsung Fire & Marine Insurance signed a contract to acquire existing shares of Fortuna Topco Limited, the 100% parent company of Canopius, a specialist insurer in the Lloyd's of London market, for 570 million dollars (about 800 billion won). Samsung Fire & Marine Insurance previously invested about 300 million dollars (about 420 billion won) in Canopius in two rounds in 2019 and 2020, making this the third investment. Canopius is ranked among the top five syndicates in the Lloyd's market. Lee Munhwa, CEO of Samsung Fire & Marine Insurance, stated in the 2025 ESG (Environmental, Social, and Governance) report, "We will create new opportunities in the global market by expanding our business in North America and Europe centered on Canopius, and targeting the Asian market centered on Samsung Re, implementing a two-track strategy."