KKR & Co. will partner with Samsung Fire & Marine Insurance to acquire full control of UK specialty insurer Canopius.
Samsung’s insurance units currently hold a 40% stake in the firm. The partners will purchase the remaining shares from current owners including Centerbridge Partners.
The transaction for the additional stake is valued at over $1.5 billion. This acquisition grants KKR and Samsung control over one of the largest insurers at Lloyd’s of London.
The deal expands the global footprint of Samsung’s financial affiliates. It also adds a significant asset to KKR’s insurance portfolio.