Specialty managing common agent (MGA) Optio Group has introduced the acquisition of Norwegian MGA S Insurance coverage, a marine hull specialist.
The deal awaits regulatory approval, with its monetary phrases remaining confidential.
This aligns with the corporate’s technique to determine a diversified buy-and-build platform with the acquisition of area of interest specialty MGAs in Europe.
S Insurance coverage, primarily based in Bergen with extra places of work in Oslo, is alleged to complement Optio’s present marine operations.
It underwrites enterprise globally, with a major European market presence.
The corporate, based by director Gary Sangedal, is seeking to develop its product and geographical footprint.
Sangedal will retain his position and work alongside managing director Marianne Engelsen Hals and the S Insurance coverage staff.
Optio CEO Deepak Soni mentioned: “I’m delighted to announce our newest acquisition, which marks an additional necessary step in our ongoing European enlargement, and to welcome Gary and the staff to Optio.
“S Insurance coverage is a superb instance of the MGAs we wish to put money into or purchase, with its entrepreneurial management, confirmed speciality capabilities and complementary cultures and values. I look ahead to working with Gary and the staff to ship the alternatives this partnership creates for our companies, brokers and clients.”
Sangedal mentioned: “Changing into a part of Optio is an thrilling prospect, which is able to guarantee we proceed to execute our underwriting technique and devoted service to our valued brokers and shoppers.
“Optio supplies us with entry to broader experience and the assets of a a lot bigger group. This, in flip, opens up important alternatives to speed up our plans to develop our product providing and geographical footprint.”
The acquisition follows Optio’s earlier strikes, together with the acquisition of Netherlands and Brussels-based MGA Den Hartigh, Luxembourg-based Circles Group and an funding in Italian MGA Heca.
