AM Best Comments on Credit Ratings of Samsung Fire & Marine Insurance Co., Ltd. Following Announced Acquisition of a Controlling Stake in Canopius Group Limited

HONG KONG--(BUSINESS WIRE)--AM Best has commented that the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Rating of “aa+” (Superior) of Samsung Fire & Marine Insurance Co., Ltd. (SFM) (South Korea) remain unchanged following the announcement of its plan to acquire the remaining stake in Canopius Group Limited (Canopius), a major Lloyd’s and specialty underwriter, on 10 November 2026.

SFM has entered into a share purchase agreement with global private equity firm KKR and Korea Investment Corporation (KIC) to jointly acquire the outstanding 60% stake in Canopius currently held by its majority shareholder, Centerbridge Partners. Since its initial minority investment in Canopius in 2019, SFM has strengthened its strategic partnership with Canopius, and expanded its stake to 40% in 2025. Upon completion of the announced transaction, SFM’s total ownership in Canopius will increase to approximately 80.6%, securing management control of the company. KKR and KIC, as co-investors, will hold approximately 12.1% and 7.3%, respectively. The total acquisition consideration is estimated at approximately USD 2.47 billion, of which SFM is expected to invest approximately USD 1.67 billion. The final investment amount and ownership percentages may vary depending on the actual closing date and other transaction-related factors. The transaction is expected to close in the first half of 2027, subject to the necessary regulatory and antitrust approvals.

AM Best does not expect the acquisition to have a material impact on SFM’s balance sheet strength assessment at the current strongest level, considering its large equity size and prudent capital management, although there could be moderate decline in the company’s risk-adjusted capitalisation. Upon completion, the acquisition will immediately contribute to SFM’s consolidated net profits, further supported by improved underwriting profitability of Canopius over recent years. AM Best expects SFM’s on-going endeavor of its global expansion to benefit from the acquisition materially, underpinned by business diversification across geographies and lines of business beyond its current focus on domestic personal lines of business.

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