Specialty managing normal 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 ascertain a diversified buy-and-build platform with the acquisition of area of interest specialty MGAs in Europe.
S Insurance coverage, based mostly in Bergen with extra workplaces 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 stated: “I’m delighted to announce our newest acquisition, which marks an additional vital step in our ongoing European growth, and to welcome Gary and the staff to Optio.
“S Insurance coverage is a wonderful instance of the MGAs we want to spend money on or purchase, with its entrepreneurial management, confirmed speciality capabilities and complementary cultures and values. I stay up for working with Gary and the staff to ship the alternatives this partnership creates for our companies, brokers and clients.”
Sangedal stated: “Turning into a part of Optio is an thrilling prospect, which can guarantee we proceed to execute our underwriting technique and devoted service to our valued brokers and purchasers.
“Optio offers us with entry to broader experience and the sources of a a lot bigger group. This, in flip, opens up vital 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.
