June 12 (UPI) — South Korea’s Samsung Fire & Marine Insurance has invested $570 million in Canopius Group to increase its stake in the international specialty insurer from 19% to 40%.

Canopius announced Wednesday that Samsung Fire had purchased the 21% stake from Fidentia Fortuna Holdings, which is owned by U.S. private equity company Centerbridge Partners.

It marked Samsung Fire’s third investment in Canopius. South Korea’s leading non-life insurance firm channeled funds in 2019 and 2020 to secure a 21% stake in London-based Canopius.

The transaction, which is expected to take place on Sept. 30 this year, is subject to customary closing conditions, including regulatory approvals.

“This additional investment goes beyond a financial stake — it represents a strategic milestone toward increased collaboration and shared value creation,” Samsung Fire CEO Lee Mun-hwa said in a statement.

“We remain committed to expanding our overseas footprint and driving innovation to evolve into a top-tier global insurer,” he added.

Established in 2003, Canopius has grown into a top-tier global underwriter, which has operations in more than 130 countries, including Bermuda, the Netherlands, Singapore, Switzerland, the United Kingdom, and the United States.

The company ranks as the fifth-largest syndicate in the Lloyd’s London market.

Samsung Fire has actively explored investment opportunities in overseas markets. It spent $19 million in 2017 to become the second-largest shareholder of Vietnamese insurer PJICO with a 20% interest.

In 2018, the Seoul-based company channeled $20 million to buy a roughly 5% shareholding in Indonesian non-life insurance company TPI.