Samsung Life Insurance and Samsung Fire & Marine Insurance plan to acquire full control of London-based reinsurer Canopius. The two affiliates currently hold a 40% stake in the company.
The firms intend to purchase an additional 50% share from investors including Centerbridge Partners. This transaction is valued at over 2 trillion won, or approximately $1.5 billion.
The acquisition would provide Samsung a major foothold in the global specialty insurance market via Lloyd's of London. This move is part of a larger strategy for overseas expansion.
While reports suggest a deal could be signed soon, the companies stated that nothing has been officially decided.