South Korea’s Samsung Group-affiliated insurance companies plan to acquire London-based reinsurance company Canopius by buying an additional 50% share for more than 2 trillion won ($1.47 billion), the Korea Economic Daily reported on Thursday.
The two Samsung insurers, Samsung Fire and Marine Insurance Co and Samsung Life Insurance Co, are expected to sign a deal to acquire the 50% stake with major share owners including asset manager Centerbridge Partners, the report said, citing unnamed industry sources.
Samsung Fire and Samsung Life currently hold a 40% share in Canopius, the report said.
Representatives of the two companies could not be immediately reached for comment.
Samsung Life and Samsung Fire are expected to finance the purchase with dividends from Samsung Electronics, which posted a record operating profit in the second quarter, the report said.
The two hold major stakes in the world’s largest memory chip maker.
($1 = 1,358.2300 won)
Reuters
