Samsung Fire & Marine Insurance to Acquire Outstanding Stake in Canopius with KKR and KIC

Munhwa (Marvin) Lee, Chief Executive Officer & President of Samsung Fire & Marine Insurance

“This acquisition marks a pivotal step in our journey towards becoming a truly global insurer. Building on seven years of trust between Canopius and SFMI, we will combine our strengths to solidify our position in the Lloyd’s market and pursue further global expansion, including in the US.”

Munhwa (Marvin) Lee, Chief Executive Officer & President of Samsung Fire & Marine Insurance

“We will fully support Canopius, enabling both companies to succeed together while preserving its expertise and autonomy.”

Neil Robertson, Group Chief Executive Officer of Canopius Group

“SFMI has grown to know this business over the past seven years. They have watched, at close quarters, what we have built, and they are enticed by the exciting plans we have evolved, and they have chosen to back it in full. There is no greater compliment a partner can pay, and we are grateful for the confidence they are placing in us. 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. For everyone here this is a launch pad rather than a finish line, and I am incredibly optimistic about what we will build next. I would also like to thank Centerbridge and the other consortium partners for their support and partnership over the last few years.”

Ben Langworthy and Matthew Kabaker, Senior Managing Directors of Centerbridge Partners

“It has been a privilege to support Canopius on its journey to becoming one of the world's leading specialty underwriters. Alongside the Group's management team and SFMI, we supported a period of substantial growth and transformation. Through strategic investment, operational enhancement and a disciplined focus on long-term value creation, Canopius has strengthened its market position, expanded its global footprint and enhanced its long-term growth prospects. Together, we helped build a stronger platform for sustained growth. We are proud of the value created during this partnership and wish the company, its management team and SFMI every success in the years ahead.”

Michael Small, Partner, Credit & Markets at KKR

“This transaction reflects the value of flexible, long-term capital in supporting a high-quality business with a differentiated global franchise. We look forward to supporting Canopius in its next phase of growth, drawing on KKR’s global network and deep operational and sector experience across insurance and reinsurance.”

Il Young Park, CEO of Korea Investment Corporation

“KIC will continue to actively participate in a diverse range of investments and seek opportunities to enhance the competitiveness of Korean industry through the overseas expansion of Korean companies.”