Samsung Fire seeks to buy up to 90% stake in Canopius: Economic Daily

Samsung Fire & Marine is pursuing an 80% to 90% stake in UK specialty insurer Canopius, the Korea Economic Daily reported on Thursday, citing unnamed industry officials.

The company is expected to sign a share purchase agreement with current shareholders, including Centerbridge Partners, in the near future, the report said.

Samsung Fire has invested 1.2 trillion won in Canopius through three rounds since 2019, securing a 40% stake and board representation. The cost to acquire an additional 50% stake is estimated to be in the mid-to-high 2 trillion won range, including a premium for management rights.

In a separate transaction, Samsung Life Insurance is seeking a mid-teens percentage stake in US retirement services company Principal Financial Group and has started private negotiations. Samsung Life recently sent requests for proposals to select advisers for the transaction, which is valued at approximately 5 trillion to 6 trillion won.