Samsung insurers plan to buy Canopius for $1.5 billion, newspaper says

SEOUL, Sept 3 : South Korea's Samsung Group-affiliated insurers plan to acquire London-based reinsurance company Canopius by buying an additional 50 per cent stake for more than 2 trillion won ($1.47 billion), the Korea Economic Daily said on Thursday.

Samsung Fire and Marine Insurance Co and Samsung Life Insurance Co are expected to sign a deal with major share owners including asset manager Centerbridge Partners, it added, citing unnamed industry sources.

• Samsung Fire and Samsung Life now hold a 40 per cent share in Canopius, the paper said.

• Nothing has been decided at this stage, the two companies said in a statement. In a regulatory filing, Samsung Life said it is reviewing investment opportunities at home and abroad to secure new growth drivers, but has made no specific decision on a potential equity investment in a U.S. insurer.

• Both firms are expected to fund the buy with dividends from Samsung Electronics, which had record operating profit in the second quarter, the paper said.

• The two hold major stakes in the world's largest memory chip maker.