Norton Rose Fulbright advises Samsung Fire & Marine Insurance Co., Ltd. on increased investment in Canopius

Global law firm Norton Rose Fulbright has advised Samsung Fire & Marine Insurance Co., Ltd. (SFMI) on its proposed acquisition of an additional 21 percent equity stake in the Canopius Group, which will bring its shareholding to 40 percent.

This stake has been purchased from existing shareholder, Fidentia Fortuna Holdings, which is led by US private equity firm, Centerbridge.

The transaction marks SFMI’s third investment in the Canopius Group, following previous investments in 2020 and 2019, which Norton Rose Fulbright also advised SFMI on.

As a result of the transaction, subject to customary closing conditions (including regulatory approvals), SFMI will become the second-largest shareholder of the Canopius Group.

SFMI is the leading non-life insurance company in the Republic of Korea, headquartered in Seoul. SFMI offers a variety of insurance products and retirement pension products, including fire, marine, automobile, accident, liability, long-term personal protection and personal pension. SFMI’s shares are listed on the Korea Exchange and it is the largest non-life insurance company in the Republic of Korea by market capitalisation as of May 31, 2025.

The multi-disciplinary Norton Rose Fulbright team that advised SFMI was led by London corporate insurance partner Simon Baker and included partner Maria Ross, senior associate Oliver Kabongo, associates Emma Borch and Lauren Gray, and trainee solicitor Jasmine Battersby. The wider London team included partner Dominic Stuttaford and senior associate Sofia Casselbrant, who advised in relation to tax; partner Matthew Findley and associate Katharine Wadia, who advised on incentives; and partner Mark Tricker and associate Emma Farrugia, who advised on antitrust and competition, with support from Brussels-based senior associate Katarzyna Berestecka and associate Julien Haverals. Lawyers from the firm’s Singapore and New York offices also advised on corporate law issues, and lawyers from the firm’s Washington, DC office also advised on antitrust and competition. 

Simon Baker commented:

“We are delighted to have advised SFMI on this acquisition, which reflects an important strategic milestone for the company and the ongoing expansion of its overseas footprint.”

Norton Rose Fulbright’s global team of insurance lawyers advise many of the world’s most well-known industry participants on their most significant and complex corporate, regulatory and transactional matters, as well as on complex claims, class actions, disputes and investigations. Its lawyers collaborate frequently with other practice groups in major financial centres across the globe to support the firm’s clients across a range of areas, including hard and soft markets, new regulatory frameworks, insurance technologies and cross-border and international issues.