Canopius Group, the London-based specialty and property/casualty insurer and reinsurer, announced that Samsung Fire & Marine Insurance (SFMI) has entered into an agreement to purchase an additional 21% equity stake, bringing its shareholding to 40%.
This stake has been purchased from existing shareholders Fidentia Fortuna Holdings, which is led by U.S. private equity firm, Centerbridge Partners. This will mark SFMI’s third investment in the group, following previous investments in 2019 and 2020, and builds on a long-standing strategic partnership, Canopius said.
A Reuters article published in July 2024 indicated that Centerbridge was exploring exit options for Canopius, which included an initial public offering or a sale. Canopius was founded in 2003, and the Centerbridge-led consortium acquired the insurer in 2018.
“We are delighted that SFMI has chosen to increase its shareholding in Canopius. Their continued support reflects a shared confidence in our long-term strategy and the value we aim to create,” commented Neil Robertson, group chief executive officer of Canopius Group, in a statement. “SFMI has been a trusted partner since its initial investment, and we look forward to deepening our relationship as we continue to build a resilient and forward-looking business.”
Munhwa (Marvin) Lee, CEO of Samsung Fire & Marine Insurance said: “This additional investment goes beyond a financial stake—it represents a strategic milestone toward increased collaboration and shared value creation. We remain committed to expanding our overseas footprint and driving innovation to evolve into a top-tier global insurer.”
“SFMI’s decision to increase its investment in Canopius reflects the group’s outstanding growth and financial performance over the last three years, delivering on its strategic plan,” according to Centerbridge Partners Senior Managing Directors Ben Langworthy and Matthew Kabaker, in a joint statement. “We look forward to continuing our successful partnership with Canopius and SFMI as the company embarks on its next chapter with exciting ambitions for growth globally.”
The transaction is subject to customary closing conditions, including regulatory approvals.
Fenchurch Advisory Partners is acting as financial adviser on the transaction to Canopius and Fidentia Fortuna Holdings, led by Centerbridge Partners.
Macquarie Capital is acting as SFMI’s financial adviser for this transaction.
With underwriting operations in Australia, Bermuda, Singapore, the UK and US, Canopius underwrites through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents Ltd.), a US surplus lines insure (Canopius US Insurance Inc.), and Canopius Reinsurance Ltd., a Bermuda-based Class 4 reinsurer.
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