Canopius Group has confirmed that Samsung Fire & Marine Insurance (SFMI) will acquire an additional 21% equity stake in the company, raising its total shareholding to 40%.
The stake will be purchased from existing shareholder Fidentia Fortuna Holdings, which is backed by US-based private equity firm Centerbridge Partners.
This marks the third investment by SFMI in Canopius, following prior commitments made in 2019 and 2020. The companies have maintained a strategic partnership since SFMI's initial involvement.
Neil Robertson (pictured above), group chief executive officer of Canopius, said SFMI’s increased shareholding reflects mutual confidence in the group’s long-term direction.
“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,” Robertson said.
Munhwa (Marvin) Lee, chief executive of SFMI, described the transaction as a strategic step intended to deepen collaboration and pursue shared growth opportunities.
“This additional investment goes beyond a financial stake – it represents a strategic milestone toward increased collaboration and shared value creation,” Lee said.
The transaction remains subject to customary closing conditions, including regulatory approval. Fenchurch Advisory Partners is advising Canopius and Fidentia Fortuna Holdings on the deal. Macquarie Capital is acting as financial adviser to SFMI.
Canopius reported a post-tax profit of $363 million for 2023, more than doubling its result from the previous year. The company achieved a net combined ratio of 84.1% and a return on opening tangible equity of 27.7%.
SFMI has been expanding its global footprint in recent years, with operations across the US, Europe and Asia. The company has focused on new markets, including Indonesia and Vietnam, and continues to position itself as a player in key international insurance hubs.
Centerbridge Partners, meanwhile, originally acquired Canopius in 2018 through a private equity consortium. Under its ownership, Canopius has undertaken a number of strategic initiatives, including global market expansion and selective product realignment.
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