Samsung Fire & Marine Insurance acquires additional shares in Canopius UK... Expanding overseas business
Quick Look
- Samsung Fire & Marine Insurance acquires additional shares of British special insurance company Canopius, securing management rights and expanding overseas business.
- We plan to acquire the remaining shares together with KKR and KIC to increase our shareholding to approximately 80%.
AI-generated summary
Why It Matters
Samsung Fire & Marine Insurance first invested in Canopius in 2019 and has since acquired shares several times.
(Seoul = Yonhap News) Reporter Bae Young-kyung = Samsung Fire & Marine Insurance [000810] is expanding its overseas business by acquiring additional shares of British special insurance company Canopius.
According to the insurance industry on the 9th, Samsung Fire & Marine Insurance decided to acquire additional shares of Canopius through a board meeting this afternoon.
It is reported that the company, along with global private equity fund managers Kohlberg Kravis Roberts (KKR) and Korea Investment Corporation (KIC), will spend approximately $2.2 billion (approximately KRW 2.97 trillion) to acquire the remaining 60% stake in Canopius and secure management rights.
After first investing in Canopius in 2019, Samsung Fire & Marine Insurance acquired shares several times, increasing its stake to 40%. After this acquisition, Samsung Fire & Marine Insurance's stake in Canopius will increase from 40% to approximately 80%.
Canopius is a global special insurance company that specializes in risks related to special situations such as terrorism, kidnapping, and loss of artwork.
The acquisition of additional shares appears to be a strategy to expand business into overseas markets amid limitations in the growth of the domestic insurance market due to low birth rate and aging population.
What to Watch
AI outlook — possibilities, not facts
Additional acquisition of Canopius shares and management rights secured
Likely · Within weeks
Open Questions
- When will the final acquisition be completed?
- How is the specific share acquisition amount distributed?
