Samsung insurance firms to acquire Canopius for $1.5 billion, Korea Economic Daily reports

Samsung insurance firms to acquire Canopius for $1.5 billion, Korea Economic Daily reports SEOUL, Sept 3 : South Korea's Samsung Group-affiliated insurance companies plan to acquire London-based reinsurance company Canopius by buying an additional 50 per cent 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 per cent 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 per cent 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)