June 12 (UPI) -- South Korea's Samsung Fire & Marine Insurance has invested $570 million in Canopius Group to increase its stake in the international specialty insurer from 19% to 40%.
Canopius announced Wednesday that Samsung Fire had purchased the 21% stake from Fidentia Fortuna Holdings, which is owned by U.S. private equity company Centerbridge Partners.
It marked Samsung Fire's third investment in Canopius. South Korea's leading non-life insurance firm channeled funds in 2019 and 2020 to secure a 21% stake in London-based Canopius.
The transaction, which is expected to take place on Sept. 30 this year, is subject to customary closing conditions, including regulatory approvals.
"This additional investment goes beyond a financial stake -- it represents a strategic milestone toward increased collaboration and shared value creation," Samsung Fire CEO Lee Mun-hwa said in a statement.
