Samsung Fire & Marine takes control of Lloyd's insurer Canopius with KKR

Canopius Group, the London-based specialty and property and casualty (re)insurer, announced on Tuesday 10 November 2026 that Samsung Fire & Marine Insurance (SFMI) has agreed to acquire the remaining 60% of the company alongside funds managed by KKR and Korea Investment Corporation (KIC), the sovereign wealth fund of South Korea, according to Canopius' press release.

SFMI will buy an additional 40.6% and lift its holding to 80.6%, with KKR taking 12.1% and KIC 7.3%. The sellers include Fidentia Fortuna Holdings, the controlling consortium led by US investment firm Centerbridge Partners. Korea JoongAng Daily and Aju Press reported that, according to a regulatory filing, SFMI will pay about KRW 2.26 trillion for its part and expects to close by 31 March 2027.

From minority partner to owner

SFMI first invested in Canopius in 2019. According to Canopius, it raised its stake to 40% through an investment in 2025, and the new deal gives it a controlling interest. Aju Press, citing the filing with Korea's Financial Supervisory Service, gave the precise figures as an increase from 40.03% to 80.56%, with KKR at 12.15% and KIC at 7.29%. Canopius said the final shareholding is subject to minor adjustments at closing.

Canopius describes itself as an international specialty and P&C (re)insurer. It underwrites through Lloyd's Syndicate 4444, a US surplus lines insurer and a Bermuda-based reinsurer, with offices in Australia, Bermuda, Singapore, the UK and the US, and offers cover in more than 130 countries. The Korea Herald said the company focuses on marine, aviation, cyber and energy insurance. Korea JoongAng Daily reported that Canopius wrote USD 4.48bn in premiums last year, up 27% on 2024.

"This acquisition marks a pivotal step in our journey towards becoming a truly global insurer," said Munhwa (Marvin) Lee, CEO and president of SFMI, in the Canopius release. He said SFMI would fully support Canopius while preserving its expertise and autonomy.

Neil Robertson, group CEO of Canopius, said the deal brings "permanent capital and an owner with a long-term view" and that the business would keep "the same appetite, the same discipline and the same people".

The other parties

Funds managed by KKR come in as co-investors. Michael Small, partner in KKR's Credit & Markets business, said the deal reflects "the value of flexible, long-term capital". KIC said it took part as part of a strategic initiative to support Korean companies expanding abroad.

For Centerbridge, the deal is an exit. Senior managing directors Ben Langworthy and Matthew Kabaker said the firm had supported "a period of substantial growth and transformation" at Canopius.

Fenchurch Advisory Partners is lead financial adviser to the Centerbridge-led sellers, with Macquarie Capital and Royal Bank of Canada as co-advisers and Freshfields as legal adviser. Goldman Sachs advises SFMI, Morgan Stanley is arranger and structuring agent for the private credit financing, and Norton Rose Fulbright is legal adviser. The transaction requires regulatory approvals.

Why a Korean insurer wants London

Korean coverage frames the deal as a response to a slowing home market. Korea JoongAng Daily wrote that low birth rates and an ageing population are shrinking the customer base in Korea, and that SFMI expects the acquisition to lift the overseas share of its business from around 10% to the mid-20% range. The Korea Herald reported that it would be SFMI's first acquisition of a controlling stake in an overseas insurer.

Specialty insurance is hard to enter because pricing complex risks takes deep expertise and data. Buying an established Lloyd's platform gives SFMI underwriting teams, broker relationships and licences that would take many years to build.

What it means for European founders and investors

The deal confirms that the Lloyd's market remains a magnet for international capital. Asian and US insurers, as well as private equity and private credit funds, are buying into London specialty platforms rather than building their own, which keeps valuations for well-run underwriters high and gives private equity owners a clear exit route.

For insurtech founders in Europe, a new owner with a long-term view and a stated push into the US and Asia could mean more appetite for technology that helps price complex risks, process claims and handle broker workflows. Recent deals such as AmTrust's purchase of Wakam and Guidewire's agreement to buy Hyperexponential show how actively specialty insurers and their software suppliers are being reshaped. The financing structure also stands out: private credit arranged by Morgan Stanley sits alongside sovereign wealth and buyout money, a mix that is becoming common in large European insurance deals.

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