EL7.AI
Mergers & AcquisitionsMedium•13 November 2026•
4 min read

Samsung Fire to Raise Stake in Canopius to 80.6% in Global Expansion Deal

Key Facts

1Samsung Fire expects to own 80.6% of Canopius after completion, compared with 12.1% for KKR funds and 7.3% for the Korea Investment Corporation.
2Canopius’s gross written premiums rose 10% to $2.66 billion in the first half of 2026, from $2.41 billion a year earlier.
3Canopius’s after-tax profit, excluding the gain from the Vave sale, was $261 million, up 18% in the first half of 2026.
4Samsung Fire aims to complete the deal by the end of March 2027, subject to regulatory approvals and customary closing conditions.

Samsung Fire & Marine Insurance is set to raise its stake in Canopius Group to 80.6% in a deal that gives it control of the specialty insurer and strengthens its expansion beyond South Korea. Funds managed by KKR will retain a 12.1% stake, while the Korea Investment Corporation will hold 7.3% after completion, according to a Canopius statement. Samsung Fire’s chairman said the acquisition represents "a pivotal step in our journey to become a truly global insurer." The expected ownership percentages remain subject to minor adjustments at closing. The company aims to complete the deal by the end of March 2027, subject to regulatory approvals and customary closing conditions.

The deal follows an investment path that began in 2019, when Samsung Fire first invested in Canopius, then increased its stake with additional investments in 2020 and 2025 to about 40% before the current announcement. The move marks a transition from minority shareholder to controlling shareholder, with KKR and the Korea Investment Corporation remaining minority partners. Canopius Chief Executive Neil Robertson said the deal provides the company with "permanent capital and an owner with a long-term perspective." He added that Canopius’s approach and team would remain in place. The company thus describes the deal as supporting business continuity alongside a change in ownership structure.

Samsung Fire is seeking to increase the relative weight of its international business by bringing Canopius into the group. The Korea Herald reported that the company expects the share of overseas business to rise from about 10% at the time of the announcement to nearly 25% after the deal is completed and the acquired company is integrated. The Korea JoongAng Daily reported that the aim is to lift this share into the mid-20s. Samsung Fire’s chairman said the company would strengthen its position in the Lloyd’s market and pursue further global expansion, including in the United States. Company Chairman Lee Moon-hwa had set a target in his New Year’s address for half of the company’s profits to come from overseas by 2030.

The expansion is underpinned by Canopius’s operating growth in the first half of 2026. Gross written premiums rose 10% to $2.66 billion, compared with $2.41 billion in the same period of 2025. The undiscounted combined ratio also improved to 87.3% from 89.7%, reflecting lower claims and expenses relative to premiums earned, according to the company’s measure. Canopius said the lower undiscounted loss ratio was linked to fewer industry-wide catastrophes in the first half and improved current-year losses. At the same time, it cited losses related to events in the energy and aviation sectors, as well as deterioration in estimates for the Baltimore bridge losses and the conflict in the Middle East.

Canopius’s after-tax profit also increased over the same period, with a gain from the sale of Vave contributing to the reported result. Excluding this non-recurring gain, profit rose 18% to $261 million, the company said. Canopius attributed the adjusted increase to higher revenue and improved underwriting results. This distinction means the figures reflect growth in the underlying business alongside the separate impact of the Vave sale. The results provide financial context for the acquisition, while completion remains subject to customary conditions and the required approvals.

Following the announcement of the plan, AM Best said Samsung Fire’s financial strength and long-term credit ratings remained unchanged at A++ and aa+, respectively, on November 11, 2026. The agency said the ratings remained at the "excellent" level in light of the announcement. The company is due to complete the deal by the end of March 2027, provided regulatory and contractual conditions are met. After closing, Samsung Fire will become Canopius’s largest shareholder, while KKR and the Korea Investment Corporation will retain minority stakes. This places the execution of Samsung Fire’s announced overseas expansion targets in the period following closing and integration.