The latest update from Norton Rose Fulbright;
Global law firm Norton Rose Fulbright has advised Samsung Fire & Marine Insurance Co., Ltd. (SFMI) on its proposed acquisition of the remaining 60 percent stake in the Canopius Group (Canopius), an international specialty and property & casualty (re)insurer.
The stake is being acquired from existing shareholder Fidentia Fortuna Holdings, led by US private equity firm Centerbridge Partners.
SFMI is leading the acquisition, with KKR and the Korea Investment Corporation (KIC), the sovereign wealth fund of the Republic of Korea, participating as co-investors. On completion, SFMI will increase its shareholding in Canopius to approximately 80.6 percent, with KKR holding approximately 12.1 percent and KIC approximately 7.3 percent, subject to minor adjustments at closing.
The transaction marks SFMI’s fourth investment in Canopius, following previous investments in 2019, 2020 and 2025 on which Norton Rose Fulbright also advised SFMI.
Subject to customary closing conditions, including regulatory approvals, the transaction will give SFMI control of Canopius and support its plans to expand its global specialty insurance business across the Lloyd’s, US and Asia-Pacific markets.
SFMI is a leading non-life insurance company in the Republic of Korea, headquartered in Seoul. SFMI offers a variety of insurance products and retirement pension products, including fire, marine, automobile, accident, liability, long-term personal protection and personal pension. Headquartered in Seoul, it offers a range of insurance and retirement pension products. SFMI’s shares are listed on the Korea Exchange.
The multi-disciplinary Norton Rose Fulbright team was led by London corporate insurance partner Simon Baker and included partners Maria Ross and Sophie O’Connor, counsel Ed Gardner, senior associate Daisy Larcombe and associates Angelina Lim-Jordan and Jacque Calf. The wider London team included partner Dominic Stuttaford and counsel Will Scott on tax; partner Matt Findley and associates Katharine Wadia and Ed Spilman on incentives; and partner Mark Tricker, counsel Jack Jeffries and associates Doug Seale and Anna Kelly on antitrust and competition, with support from the employment, pensions, IP, data protection and real estate teams. Lawyers from the firm’s Singapore, New York, Sydney and Shanghai offices advised on corporate and regulatory matters.
Simon Baker commented:
“We are delighted to have advised SFMI once again on this landmark transaction, which builds on its long-standing partnership with Canopius and marks a significant step in SFMI’s ongoing growth.”
Norton Rose Fulbright’s global insurance lawyers advise many of the world’s most well-known industry participants on complex corporate, regulatory and transactional matters, claims, class actions, disputes and investigations. Working across major financial centres, the team advises on issues including changing market conditions, regulatory developments, insurance technology and cross-border matters.
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