Samsung insurers plan to buy Canopius for $1.5 billion, Korea Economic Daily reports
The Canopius logo is seen in this illustration taken on January 31, 2025. REUTERS/Dado Ruvic/Illustration
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SEOUL, Sept 3 : South Korea’s Samsung Group-affiliated insurers plan to acquire London-based reinsurance company Canopius by buying an additional 50 per cent stake for more than 2 trillion won ($1.47 billion), the Korea Economic Daily reported on Thursday.
Here are a few details:
• The two Samsung insurers, Samsung Fire and Marine Insurance Co and Samsung Life Insurance Co, are expected to sign a deal to acquire the 50 per cent stake with major share owners including asset manager Centerbridge Partners, the report said, citing unnamed industry sources.
• Samsung Fire and Samsung Life currently hold a 40 per cent share in Canopius, the report said.
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• Samsung Fire and Marine Insurance said in a statement that nothing has been decided at this stage. Samsung Life Insurance could not be immediately reached for comment.
• Samsung Life and Samsung Fire are expected to finance the purchase with dividends from Samsung Electronics, which posted a record operating profit in the second quarter, the report said.
• The two hold major stakes in the world’s largest memory chip maker.
($1 = 1,358.2300 won)
Source: Reuters
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