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AM Best Comments on Credit Ratings of Samsung Fire & Marine Insurance Co., Ltd. Following Announced Acquisition of a Controlling Stake in Canopius Group Limited

  • AM Best affirmed Samsung Fire & Marine Insurance's (SFM) A++ Financial Strength Rating & "aa+" Long-Term Issuer Credit Rating following SFM's plan to acquire the remaining 60% stake in Canopius Group Limited on 10 November 2026.
  • SFM entered a share purchase agreement with KKR & Korea Investment Corporation (KIC) to jointly buy the stake from majority shareholder Centerbridge Partners.
  • SFM's existing 40% stake from 2025 will increase to approximately 80.6% upon completion, securing management control, while KKR & KIC will hold 12.1% & 7.3% respectively.
  • The total acquisition consideration is estimated at USD 2.47 billion, with SFM contributing approximately USD 1.67 billion.
  • The transaction is expected to close in the first half of 2027, subject to regulatory & antitrust approvals.
  • AM Best does not expect a material impact on SFM's balance sheet strength, though a moderate decline in risk-adjusted capitalization is anticipated.
  • The acquisition will immediately contribute to SFM's consolidated net profits & support global expansion through business diversification beyond domestic personal lines.