Specialty managing general agent (MGA) Optio Group has announced the purchase of Norwegian MGA S Insurance, a marine hull specialist.
The deal awaits regulatory approval, with its financial terms remaining confidential.
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This aligns with the company’s strategy to establish a diversified buy-and-build platform with the purchase of niche specialty MGAs in Europe.
S Insurance, based in Bergen with additional offices in Oslo, is said to complement Optio’s current marine operations.
It underwrites business globally, with a significant European market presence.
The company, founded by director Gary Sangedal, is looking to expand its product and geographical footprint.
Sangedal will retain his role and work alongside managing director Marianne Engelsen Hals and the S Insurance team.
Optio CEO Deepak Soni said: “I am delighted to announce our latest acquisition, which marks a further important step in our ongoing European expansion, and to welcome Gary and the team to Optio.
“S Insurance is an excellent example of the MGAs we are looking to invest in or acquire, with its entrepreneurial leadership, proven speciality capabilities and complementary cultures and values. I look forward to working with Gary and the team to deliver the opportunities this partnership creates for our businesses, brokers and customers.”
Sangedal said: “Becoming part of Optio is an exciting prospect, which will ensure we continue to execute our underwriting strategy and dedicated service to our valued brokers and clients.
“Optio provides us with access to broader expertise and the resources of a much larger group. This, in turn, opens up significant opportunities to accelerate our plans to expand our product offering and geographical footprint.”
The acquisition follows Optio’s previous moves, including the purchase of Netherlands and Brussels-based MGA Den Hartigh, Luxembourg-based Circles Group and an investment in Italian MGA Heca.
