Samsung Fire and Marine Insurance has agreed a deal with Canopius Group to acquire an additional 40.6% stake in the re/insurer, taking its total holding to 80.6%. The transaction also sees investment firm KKR and Korea Investment Corporation secures respective stakes of 12.1% and 7.3%.

SFMI first invested in Canopius in 2019, before upping its stake to 40% last year. The shares are being acquired from existing shareholders, including Fidentia Fortuna Holdings, the controlling consortium led by global private investment firm Centerbridge Partners.

Munhwa Lee, chief executive officer and president of SFMI, said: “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.”

Neil Robertson, group chief executive officer of Canopius Group, added: “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.”