Samsung insurers plan to acquire Canopius for $1.47 billion
Insurance companies affiliated with South Korea’s Samsung Group plan to acquire London-based reinsurer Canopius by purchasing an additional 50% stake for more than 2 trillion won, or $1.47 billion. Channel NewsAsia reports, citing the Korea Economic Daily.
Deal with shareholders
According to the publication, Samsung Fire and Marine Insurance Co and Samsung Life Insurance Co are to sign an agreement to acquire a 50% stake in Canopius from the company’s major shareholders, including investment firm Centerbridge Partners. The information is based on data from unnamed sources in the insurance industry.
Samsung Fire and Samsung Life currently own a 40% stake in Canopius, the Korea Economic Daily writes. Representatives of both insurance companies could not be immediately reached for comment.
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Potential financing
Samsung Life and Samsung Fire may finance the purchase using dividends from Samsung Electronics, the publication reported. In the second quarter, Samsung Electronics recorded a record operating profit.
Both insurance companies hold significant stakes in Samsung Electronics, which the report describes as the world’s largest manufacturer of memory chips.
