Samsung Fire & Marine Insurance announced on June 11 that it has entered into a major agreement to invest an additional $570 million in Lloyd’s Lloyd’s Canopius, a London-based insurance and reinsurance company operating globally.
This investment marks the third phase of capital infusion, following previous investments totaling approximately $300 million made in 2019 and 2020. With this expansion, Samsung Fire & Marine solidifies its position as the second-largest shareholder of Canopius.
The increase in equity will result in Samsung Fire & Marine and the current majority shareholder, Centerbridge Partners-led Pedenzia consortium—its primary partner in the United States—establishing a practical joint management structure. This move is expected to enhance the company's governance capabilities in the global market through an increased number of board seats and a greater voice in key management decisions.
Since Samsung Fire & Marine’s strategic investment, Canopius has experienced steady growth through diversification of its portfolio and geographical expansion. As of the end of 2024, the company reported revenues of $3.53 billion and an aggregate ratio of 90.2%, ranking among the top five Lloyd’s insurers.
Over the past six years, Samsung Fire & Marine has accumulated extensive experience and expertise in Lloyd’s market operations through board-level participation, reinsurance collaborations, and key personnel exchanges. As of 2024, the company achieved tangible business results, including approximately 300 billion won ($250 million) in co-reinsurance sales and about 88 billion won ($73 million) in equity-method profits.
Samsung Fire & Marine’s CEO, Lee Moon-hae, commented, “This additional investment is more than just increasing our stake; it marks a strategic milestone for joint management and profit sharing in the global market. We will continue expanding our overseas business and pursuing innovation to transcend the limitations of the domestic insurance market and become a top-tier global insurer.”
Neil Robertson, Group CEO of Canopius, expressed his appreciation, saying, “We sincerely welcome Samsung Fire & Marine’s increased investment, as it reflects their trust in our long-standing partnership. We look forward to strengthening our collaboration based on mutual confidence in our strategy and values.”
Ben Langwith and Matthew S. Kabaker, Senior Managing Directors at Centerbridge Partners, added, “Samsung Fire & Marine’s decision to further invest was possible because of the successful implementation of Canopius’ strategic plan and outstanding performance over the past three years. We are very pleased to continue our partnership with Canopius and Samsung Fire & Marine as they embark on a new phase of global growth.”
