Samsung Fire & Marine Insurance (SFMI) has increased its holding in insurance company the Canopius Group to 40% by acquiring another 21% equity stake.

The additional interest has been bought from existing shareholder Fidentia Fortuna Holdings, led by US private equity firm Centerbridge Partners.

This represents SFMI's third investment in the group, with initial investments in 2019 and 2020.

Completion of this deal is contingent upon standard closing conditions including regulatory approvals.

Fenchurch Advisory Partners offered financial advisory services to Canopius and Fidentia Fortuna Holdings, while Macquarie Capital provided financial advice to SFMI.

Canopius Group CEO Neil Robertson said: “We are delighted that SFMI has chosen to increase its shareholding in Canopius. Their continued support reflects a shared confidence in our long-term strategy and the value we aim to create.

“SFMI has been a trusted partner since its initial investment, and we look forward to deepening our relationship as we continue to build a resilient and forward-looking business.”

SFMI CEO Munhwa Lee stated: “This additional investment goes beyond a financial stake – it represents a strategic milestone toward increased collaboration and shared value creation. We remain committed to expanding our overseas footprint and driving innovation to evolve into a top-tier global insurer.”

Based in Seoul, SFMI is a non-life insurance company in South Korea.

It offers insurance products encompassing accident, automobile, fire, liability, long-term personal protection, marine and personal pensions.

Last month, SFMI collaborated with cyber insurer Cyberwrite to improve SFMI's cyber insurance underwriting and risk management capabilities.

In April, Canopius designated Global Parametrics, a CelsiusPro company, as a coverholder for its Lloyd's Syndicate 4444.

"Samsung Fire & Marine Insurance raises stake in Canopius " was originally created and published by Life Insurance International, a GlobalData owned brand.

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