Canopius Group, a London-based specialist in property, casualty insurance, and reinsurance, announced that Samsung Fire & Marine Insurance (SFMI) has agreed to acquire an additional 21% ownership stake in the company. This move will raise SFMI’s total shareholding in Canopius to 40%.

The shares were acquired from Fidentia Fortuna Holdings, which is managed by U.S. private equity firm Centerbridge Partners. This marks SFMI’s third round of investment in Canopius, following earlier capital infusions in 2019 and 2020, and reinforces their long-term strategic alliance, according to Canopius.

The financial terms of the deal were not made public.

A Reuters report from July 2024 noted that Centerbridge had been evaluating potential exit strategies for its interest in Canopius, including a possible public offering or outright sale. Canopius was established in 2003 and became an independent entity in March 2018 after being acquired from Sompo Holdings by a Centerbridge-led private equity consortium in a $952 million transaction.

Neil Robertson, CEO of Canopius Group, remarked: “We are thrilled that SFMI has chosen to increase its investment in our business. This continued backing underscores our mutual confidence in the strategic direction we’re pursuing and the long-term value we’re striving to build. SFMI has been a dependable partner since their first investment, and we look forward to strengthening our collaboration.”

Samsung Fire & Marine CEO Munhwa (Marvin) Lee commented: “Our increased investment signifies more than just financial support—it’s a strategic move to enhance collaboration and foster mutual growth. We’re committed to broadening our global presence and leading innovation as we pursue our vision of becoming a premier international insurer.”

Centerbridge Partners Senior Managing Directors Ben Langworthy and Matthew Kabaker added in a joint statement: “SFMI’s increased stake is a testament to Canopius’s strong financial results and successful execution of its strategic initiatives over the past three years. We are excited to maintain our strong partnership with both Canopius and SFMI as the company enters an ambitious new phase of international expansion.”

The completion of the deal is contingent upon standard regulatory and closing conditions.

Fenchurch Advisory Partners is serving as financial adviser to Canopius and Fidentia Fortuna Holdings, led by Centerbridge. Macquarie Capital is advising SFMI on the transaction.

Canopius operates underwriting platforms across Australia, Bermuda, Singapore, the United Kingdom, and the United States. The company writes business through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents Ltd.), Canopius US Insurance Inc. (a U.S. surplus lines insurer), and Canopius Reinsurance Ltd., a Bermuda-based Class 4 reinsurer.