Key Takeaways
- • AM Best said Samsung Fire & Marine Insurance's (SFM) A++ (Superior) Financial Strength Rating and "aa+" (Superior) Long-Term Issuer Credit Rating remain unchanged following its planned acquisition of the remaining stake in Canopius Group Limited, announced 10 November 2026.
- • SFM signed a share purchase agreement with KKR and Korea Investment Corporation (KIC) to jointly acquire the 60% Canopius stake held by majority shareholder Centerbridge Partners, with an estimated total consideration of approximately USD 2.47 billion.
- • SFM expects to invest approximately USD 1.67 billion and to raise its ownership to roughly 80.6%, securing management control; KKR and KIC would hold about 12.1% and 7.3%, respectively.
- • The transaction is expected to close in the first half of 2027, subject to regulatory and antitrust approvals.
- • AM Best does not expect a material effect on SFM's balance sheet strength assessment, though risk-adjusted capitalisation could decline moderately; the deal is expected to add to consolidated net profit and diversify SFM beyond domestic personal lines.
Summary
AM Best has commented that the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Rating of "aa+" (Superior) assigned to Samsung Fire & Marine Insurance Co., Ltd. (SFM) of South Korea remain unchanged following SFM's announcement of its plan to acquire the remaining stake in Canopius Group Limited, a major Lloyd's and specialty underwriter.
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. SFM first invested in Canopius as a minority shareholder in 2019 and increased its stake to 40% in 2025. On completion, SFM's total ownership would rise to approximately 80.6%, giving it management control, while KKR and KIC would hold approximately 12.1% and 7.3%, respectively. The total 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 closing date and other transaction-related factors. Closing is expected in the first half of 2027, subject to necessary regulatory and antitrust approvals.
AM Best does not expect the acquisition to have a material impact on SFM's balance sheet strength assessment, which remains at the strongest level given its large equity base and prudent capital management. However, the agency noted there could be a moderate decline in SFM's risk-adjusted capitalisation. Upon completion, the acquisition would immediately contribute to SFM's consolidated net profits, supported by Canopius's improved underwriting profitability in recent years. AM Best expects the deal to materially advance SFM's global expansion by diversifying its business across geographies and lines of business, beyond its current focus on domestic personal lines.
AM Best noted that ratings were communicated to the rated entity prior to publication and were not amended afterward unless stated otherwise.
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. SFM first invested in Canopius as a minority shareholder in 2019 and increased its stake to 40% in 2025. On completion, SFM's total ownership would rise to approximately 80.6%, giving it management control, while KKR and KIC would hold approximately 12.1% and 7.3%, respectively. The total 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 closing date and other transaction-related factors. Closing is expected in the first half of 2027, subject to necessary regulatory and antitrust approvals.
AM Best does not expect the acquisition to have a material impact on SFM's balance sheet strength assessment, which remains at the strongest level given its large equity base and prudent capital management. However, the agency noted there could be a moderate decline in SFM's risk-adjusted capitalisation. Upon completion, the acquisition would immediately contribute to SFM's consolidated net profits, supported by Canopius's improved underwriting profitability in recent years. AM Best expects the deal to materially advance SFM's global expansion by diversifying its business across geographies and lines of business, beyond its current focus on domestic personal lines.
AM Best noted that ratings were communicated to the rated entity prior to publication and were not amended afterward unless stated otherwise.
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