Samsung insurers plan to buy Canopius

According to a report, Samsung Fire & Marine Insurance and Samsung Life Insurance are planning to acquire London-based (re)insurer Canopius Group by purchasing an additional 50% stake for more than $1.47 billion.

The South Korean insurers are expected to sign a deal with major share owners including asset manager Centerbridge Partners.

The Samsung insurers currently own 40% of Canopius. Both companies said that no final decision has been made and they are still reviewing investment opportunities.