Samsung Insurance Units Target UK and US Acquisitions

Samsung Fire & Marine Insurance is seeking to increase its ownership of UK-based specialty insurer Canopius to between 80% and 90%. The company intends to sign a share purchase agreement with current shareholders, including Centerbridge Partners, to acquire an additional 50% stake. This move follows 1.2 trillion won in investments made since 2019, which granted the company a 40% stake and board representation.

The cost for the additional shares is estimated between mid-to-high 2 trillion won, a figure that includes a premium for management rights.

Simultaneously, Samsung Life Insurance has entered private negotiations to acquire a mid-teens percentage stake in Principal Financial Group, a US retirement services company. Samsung Life has requested proposals from advisers for the transaction, which is valued between 5 trillion and 6 trillion won.