Samsung Fire & Marine Insurance has agreed to pay about ₩2.26tn (US$1.67bn) to take control of Canopius, the London-based Lloyd's specialty insurer, Canopius and SFMI said on 10 November 2026.
Why Samsung Fire & Marine Insurance Co., Ltd. (with KKR and Korea Investment Corporation) is buying Canopius Group (Fortuna Topco Limited, further 40.53%)
SFMI said the deal culminates a partnership built over seven years and is aimed at creating a leading global specialty insurer across Lloyd's, the US and Asia-Pacific, while preserving Canopius's expertise and autonomy. KKR said it would support growth through its global platform and operational, strategic and M&A expertise; KIC said it co-invested as part of an initiative to support Korean companies' global expansion.
“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.”
Deal terms and financing
SFMI will buy 405,316,526 additional shares in Fortuna Topco, the Jersey holding company that owns 100% of Canopius, for about ₩2,264.7bn, the won equivalent of about US$1.67bn at the board-date rate. Its stake will rise from 40.03% to 80.56%, with KKR-managed funds holding about 12.15% and KIC about 7.29%, subject to adjustments at closing. Under the shareholders' agreement SFMI has call options over KIC's stake after three years and KKR's after six, and the co-investors have put options.
Regulatory approvals and timing
The transaction is subject to customary closing conditions including regulatory approvals; SFMI's filing gives an expected acquisition date of 31 March 2027.
Market context
SFMI first invested in Canopius in 2019 and raised its holding to about 40% in 2025. Canopius underwrites through Lloyd's Syndicate 4444, a US surplus lines insurer and a Bermuda Class 4 reinsurer, with offices in Australia, Bermuda, Singapore, the UK and the US. Fortuna Topco reported 2025 written premiums of about ₩6.09tn, according to SFMI's filing.
