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Samsung insurers to buy further stake in Canopius for $1.47B+
The planned purchase would raise Samsung Fire and Marine and Samsung Life ownership beyond their current 40% position, with the deal expected to be sized at more than $1.47 billion.
Samsung Fire & Marine Insurance and Samsung Life Insurance are planning to acquire London-based (re)insurer Canopius Group by buying an additional 50% stake for more than $1.47 billion, according to Coverager.
The South Korean insurers currently hold 40% of Canopius, and the report says the transaction would involve major share owners including asset manager Centerbridge Partners.
Coverager also reports that both Samsung companies have not made a final decision and are still reviewing investment opportunities.
The planned offering is described as targeting industries including food and beverage, pharmaceuticals, agriculture, logistics, and cold chain services, while Canopius operates globally with more than 1,000 employees across the UK, US, Bermuda, Australia, and Singapore.