Optio Group, an independent specialty MGA, has acquired Norway-based S Insurance, subject to regulatory approval.
The company says this is a strategic step in its efforts to create a diversified buy-and-build platform through the acquisition of high-quality, niche speciality MGAs across Europe, and follows the acquisition of Luxembourg-based MGA Circles Group last year.
S Insurance specialises in marine hull, underwriting business globally, with a significant market presence in Europe, and with plans to expand both its product and geographical reach.
Deepak Soni, CEO of Optio Group, says: “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.”
Gary Sangedal, director at S Insurance, adds: “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.”
