Secures 40% Stake as Second-Largest Shareholder
Strengthens Joint Management with Major Shareholder
On October 24, Samsung Fire & Marine Insurance announced that it had acquired an additional 21.17% stake in Canopius, a global insurance business operating under Lloyd's of London in the United Kingdom, for 580 million dollars (approximately 800 billion won). This move lays the foundation for strengthening global business capabilities, which is at the core of CEO Lee Munhwa's 'Super Gap 2.0' initiative set as this year's goal.
This marks the third investment following those made in 2019 and 2020. With this latest investment, Samsung Fire & Marine Insurance has secured a total stake of 40.03%, solidifying its position as the second-largest shareholder.
In June, Samsung Fire & Marine Insurance signed a share purchase agreement with the Fidensia Consortium, led by Centerbridge, a U.S. private equity fund and the major shareholder of Canopius. Since then, the company has completed all necessary procedures for the acquisition, including obtaining approvals from domestic and international regulatory authorities and passing antitrust reviews.
The Lloyd's market in London is the world's largest insurance exchange. It specializes in underwriting insurance for risks such as terrorism, kidnapping, art, war, personal injury, and performances. As of last year, it was valued at approximately 70 billion dollars (about 100 trillion won).
Canopius is ranked among the top five insurers in the Lloyd's market. Last year, it recorded sales of 3.53 billion dollars (about 5.1 trillion won) and a net profit of 400 million dollars (about 600 billion won).
By completing this additional stake acquisition, Samsung Fire & Marine Insurance has established a joint management structure with the Fidensia Consortium. The company will not only expand its board representation but also strengthen its practical authority over key management decisions, thereby enhancing its global insurance management capabilities and further promoting business cooperation between the two companies.
A Samsung Fire & Marine Insurance representative stated, "Based on this additional stake acquisition in Canopius, we plan to proactively seek new business opportunities in the global market and work to solidify our future profit base."
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