INSURANCE

Indianapolis-based insurance giant OneAmerica announced July 17 that it appointed two native Hoosiers to fill high-profile positions.

Jennifer Pittman was promoted to assistant vice president for community affairs, replacing 27-year OneAmerica veteran Jim Freeman after his May retirement.

Pittman will report to Kelly Huntington, who is senior vice president of enterprise strategy. Pittman's former position, public relations director, is now held by Lou Ann Baker, who's new to the OneAmerica team.

Pittman's and Baker's experience in strategic communications and public affairs date back to the 2000s and 1980s, respectively.

Among other public- and private-sector roles, Baker served as director of communications in the office of former Indiana Lt. Gov. Sue Ellspermann, and Pittman served as director of marketing in the office of fonner Indianapolis Mayor Greg Ballard.

"We've been committed to community engagement throughout our 140-year history," Scott Davison, OneAmerica's chairman, president and CEO, said in prepared remarks. "By filling these two key outreach roles with local leaders, we will further our connections to nonprofit and civic organizations that strengthen our hometown."

LONDON--(BUSINESS WIRE)--
Canopius Group (“Canopius”, or the “Group”), a leading international specialty and P&C (re)insurer, today announces that Samsung Fire & Marine Insurance (“SFMI”) has entered into an agreement to acquire the remaining 60% stake in Canopius, alongside funds managed by global investment firm KKR, and Korea Investment Corporation (“KIC”).

The outstanding shares are being acquired from Canopius’ other existing shareholders, including Fidentia Fortuna Holdings, the controlling consortium led by global private investment firm Centerbridge Partners.

SFMI will acquire an additional 40.6% stake in Canopius out of the remaining 60%, increasing its total ownership to 80.6% through this transaction - KKR and KIC will hold 12.1% and 7.3% respectively. (The final shareholding is subject to minor adjustments at closing).

KKR intends to drive value creation and support Canopius’ continued growth by leveraging its global platform and operational, strategic, and M&A expertise.

KIC, the sovereign wealth fund of the Republic of Korea, participated in the co-investment as part of its strategic investment initiative aimed at supporting Korean companies in their global expansion.

Since its initial investment in 2019, SFMI has strengthened its strategic partnership with Canopius. SFMI increased its stake to 40% through investment in 2025, and will secure a controlling interest through this latest transaction. This agreement marks the culmination of a strategic partnership built deliberately over seven years, through greater ownership and increasing strategic and operational collaboration. With this transaction, SFMI is fully committed to preserving Canopius’ strengths, with the overall objective to create the leading global specialty insurer across Lloyd’s, the U.S. and Asia Pacific.

Munhwa (Marvin) Lee, Chief Executive Officer & President of Samsung Fire & Marine Insurance, said: "This acquisition marks a pivotal step in our journey towards becoming a truly global insurer. Building on seven years of trust between Canopius and SFMI, we will combine our strengths to solidify our position in the Lloyd’s market and pursue further global expansion, including in the US." He added, "We will fully support Canopius, enabling both companies to succeed together while preserving its expertise and autonomy."

Neil Robertson, Group Chief Executive Officer of Canopius Group, said: “SFMI has grown to know this business over the past seven years. They have watched, at close quarters, what we have built, and they are enticed by the exciting plans we have evolved, and they have chosen to back it in full. There is no greater compliment a partner can pay, and we are grateful for the confidence they are placing in us. What this brings Canopius is permanent capital and an owner with a long-term view; we will retain the same appetite, the same discipline and the same people alongside our clients and brokers. For everyone here this is a launch pad rather than a finish line, and I am incredibly optimistic about what we will build next. I would also like to thank Centerbridge and the other consortium partners for their support and partnership over the last few years."

Centerbridge Partners Senior Managing Directors Ben Langworthy and Matthew Kabaker said, “It has been a privilege to support Canopius on its journey to becoming one of the world's leading specialty underwriters. Alongside the Group's management team and SFMI, we supported a period of substantial growth and transformation. Through strategic investment, operational enhancement and a disciplined focus on long-term value creation, Canopius has strengthened its market position, expanded its global footprint and enhanced its long-term growth prospects. Together, we helped build a stronger platform for sustained growth. We are proud of the value created during this partnership and wish the company, its management team and SFMI every success in the years ahead.”

Michael Small, Partner, Credit & Markets at KKR, said: “This transaction reflects the value of flexible, long-term capital in supporting a high-quality business with a differentiated global franchise. We look forward to supporting Canopius in its next phase of growth, drawing on KKR’s global network and deep operational and sector experience across insurance and reinsurance.”

Il Young Park, KIC CEO, said: “KIC will continue to actively participate in a diverse range of investments and seek opportunities to enhance the competitiveness of Korean industry through the overseas expansion of Korean companies.”

The transaction is subject to customary closing conditions, including required regulatory approvals.

About Canopius

Canopius is an international specialty and P&C (re)insurer. Canopius underwrites insurance products on several platforms to offer a wide range of specialty solutions. Our offices are located in Australia, Bermuda, Singapore, the UK and the U.S. We underwrite through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents Limited), a US surplus lines insurer, Canopius US Insurance, Inc and Canopius Reinsurance Ltd, a Bermuda based Class 4 Reinsurer. By working together across regions, we create global insurance solutions in more than 130 countries. For more information, visit www.canopius.com or find out more via LinkedIn.

About Samsung Fire & Marine Insurance

SFMI is the leading non-life insurance company in Korea, headquartered in Seoul. In addition to property & casualty business, SFMI provides a variety of insurance products and services such as corporate pensions, annuity and health insurance. SFMI’s shares are listed on the Korea Exchange and is the largest non-life insurance company by market capitalisation as of 2025. S&P and A.M. Best have affirmed ratings of AA and A++ respectively. For more information, visit www.samsungfire.com or find out more via LinkedIn.

About Centerbridge Partners

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — Private Equity, Private Credit and Real Estate — in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, as of December 31, 2025, has approximately $46 billion in assets under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com | LinkedIn.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About KIC

The Korea Investment Corporation (KIC) is the sovereign wealth fund of the Republic of Korea. We manage public funds entrusted by the Korean government and Bank of Korea, investing across diverse asset classes. Our goal is to increase sovereign wealth and help develop the domestic finance industry. Learn more at www.kic.kr/en/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20261109534243/en/

For KKR

Wei Jun Ong

+65 6922 5813

WeiJun.Ong@kkr.com

James Jarman

+65 8870 6452

James.Jarman@kkr.com

Source: KKR

A family can leave a complicated estate and still fall below the federal estate tax exemption. A business, rental properties and retirement savings can represent substantial wealth without giving heirs an easy way to divide it or cover immediate expenses.

The One Big Beautiful Bill Act established a $15 million individual federal estate and gift tax exemption for 2026, with no scheduled expiration. For households worth $5 million to $15 million, wealth composition can matter as much as the total.

The conversation starts with composition, not just the total

Federal exposure requires more than comparing net worth with $15 million. Consider a household with $8 million, much of it tied to a closely held business. A daughter plans to run the company, while a son has built a career elsewhere.

Their parents want both children to receive a meaningful inheritance without forcing a sale or an unaffordable buyout. That family may owe no federal estate tax. But without a plan, the business could become a source of conflict rather than support.

Estate equalization through life insurance

This is where estate equalization comes in, addressing a blind spot many families overlook. Parents often want to leave an equal inheritance to all their children. But if most of the wealth is tied to a business, the child active in the company may be forced to sell it or take on significant debt to buy out the sibling who isn't involved. Without a mechanism to balance the distribution, the business becomes a source of friction rather than a legacy.

Life insurance is used as an equalizer. A policy on the parents provides a cash payout to the non-involved sibling, while the active sibling retains full ownership of the business and the growth they helped build. The daughter gets the company. The son receives the life insurance proceeds. Both children inherit a meaningful amount, and neither is forced to sell or buy out the other.

The same approach works for a family where one child receives the family home, and another receives investment accounts. The goal is not to make every inheritance identical. The goal is to ensure no heir feels the distribution was unfair.

Consider a hypothetical estate of $8 million to $20 million where one child grew the business from a small operation to a large one. Without a plan, that growth becomes a problem. The active child has invested years building value, yet may walk away with less than a sibling who wasn't involved. Life insurance converts that illiquidity into immediate cash when it is needed, preserving the business for the person who built it and providing fair value to the rest of the family.

An estate planning lens, not just a product lens

People often discuss life insurance as a product. For families in this range, it is better understood as a planning tool.

Permanent life insurance can provide liquidity when a family needs it: when an owner dies, when assets are illiquid, or when heirs need cash that a business or property cannot supply. Evaluating coverage through a planning lens means starting with the family’s objectives and working backward to the structure. No one can guarantee someone will qualify for the same coverage later.

Questions worth asking now

A coordinated review with the family’s tax and legal professionals can surface gaps before they become problems. Four questions help frame the discussion:

1. Which assets would be difficult to sell or divide after a death?
2. Who would need cash, for what purpose, and at whose death?
3. Do policy ownership and beneficiary designations support the estate documents?
4. What has changed since the last coordinated insurance, tax and legal review?

Depending on where a person lives or owns property, state estate and inheritance taxes can apply even if no federal estate tax is due.

Planning precision matters

Tax language also needs precision. Life insurance death proceeds are generally excluded from a beneficiary’s federal gross income. However, proceeds can still be included in the insured’s gross estate, including when the insured retains certain ownership rights. Trust ownership and policy transfers require legal and tax review before implementation.

The families that benefit most aren't always the ones with the highest net worth. They are the ones whose advisors started the conversation early and structured the plan before the family needed it.

Make the next step concrete

End the meeting by agreeing on who will handle each unresolved item and setting a follow-up date. Give the family a written recap of decisions and next steps. Clear responsibilities and a scheduled follow-up help families act while they have time. Our standard is simple: start the conversation before the family needs it. Families who plan have options when it matters most.

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