Samsung Fire & Marine Insurance has taken a bold step in its global insurance expansion strategy. On Wednesday, the company announced a $570 million investment to raise its stake in Canopius Group. The move increases Samsung’s share in the London-based specialty insurer to 40 percent. This marks Samsung’s third investment in Canopius since 2019. The deal strengthens Samsung’s presence in the global insurance market.
Samsung Fire plans to acquire an additional 21.17 percent in Fortuna Topco, Canopius’s parent company. This translates to a direct stake in Canopius, a company known for property and casualty coverage. The seller, a consortium led by Centerbridge, will retain a 60 percent majority. Samsung expects the deal to close by September, pending regulatory approvals. The expansion signals growing ambition beyond Korea’s domestic market.
The Korean insurer now stands as the second-largest shareholder in Canopius. Moreover, Samsung will act as a co-operator alongside the Centerbridge consortium. Canopius reported $3.53 billion in gross written premiums in 2024. It ranks among Lloyd’s top five specialty insurers. With platforms in the US, UK, Singapore, and more, Canopius maintains global influence.
Samsung has already seen financial benefits from its Canopius partnership. In 2024 alone, it earned $221 million in reinsurance revenue and $88 million in equity-method gains. With a greater stake, Samsung will increase board involvement and strategic input. This aligns with its long-term plan for global insurance expansion. The company aims to diversify beyond Korea’s saturated insurance sector.
CEO Lee Mun-hwa described the move as more than just a financial deal. In fact, he called it a strategic leap in Samsung’s global insurance expansion journey, reflecting the company’s long-term vision for international leadership. Furthermore, Lee emphasized that this investment signifies a deepening commitment to co-managing global operations rather than merely holding equity. In addition, he stated that Samsung would continue pushing beyond Korea through innovation, cross-border collaboration, and bold investments. Consequently, the company wants to become a top-tier global insurer, capable of competing with the world’s most established players.
Moreover, with an enhanced stake and greater board influence, Samsung now holds a stronger position to shape Canopius’s global direction and drive sustained international growth. Therefore, this move not only strengthens Samsung’s market presence but also solidifies its role as a key player in the global insurance industry. Looking ahead, Lee expressed confidence that this partnership will open new opportunities and foster long-term value creation across international markets.
