Samsung Fire, KKR and KIC to buy UK Insurer Canopius

According to reports, Samsung Fire & Marine Insurance will acquire a controlling stake in UK specialty insurer Canopius for about $2.2 billion in partnership with private equity firm KKR and the Korea Investment Corporation.

KKR will contribute $500 million and KIC $300 million of the purchase price. Once the deal closes, Samsung Fire & Marine’s stake is expected to rise to about 79%, with KKR holding 13% and KIC 8%.

Samsung Fire & Marine currently owns 40% of Canopius.