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Optio Group, the London-based independent specialty MGA, announced it has acquired Norwegian-based MGA S Insurance AS (S Insurance) for an undisclosed sum, subject to regulatory approval.
This acquisition follows Optio’s acquisitions of Netherlands and-Brussels based MGA Den Hartigh and Luxembourg-based Circles Group and its strategic investment in Italian MGA, Heca S.r.l.
Optio said the transaction is a further strategically significant step to create a diversified buy-and-build platform through the acquisition of speciality MGAs across Europe.
Headquartered in Bergen and with offices in Oslo, S Insurance specializes in marine hull, underwriting business globally with a strong market presence in Europe, and with ambitious plans to expand both its product and geographical reach.
The company was founded almost 10 years ago by Director Gary Sangedal, quickly developing an excellent reputation in the market as a result of its disciplined underwriting and strong broker and capacity relationships. This was recognized in 2022 with S Insurance becoming a member of The Nordic Association of Marine Insurers (CEFOR), which Optio said demonstrates its high standards and its provision of stable and reliable capacity to the market.
Sangedal will continue his role working closely with Managing Director Marianne Engelsen Hals and the S Insurance team.
S Insurance will complement Optio’s existing marine business, broadening its expertise and proposition. Scandinavia’s long-established marine industry, which is essential to the region’s economy and supported by a highly regulated and growing MGA market, further made S Insurance an attractive target for Optio.
“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,” commented Deepak Soni, CEO, Optio Group.
“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,” Soni added. “I look forward to working with Gary and the team to deliver the opportunities this partnership creates for our businesses, brokers and customers.”
“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,” according to Sangedal.
“Optio’s entrepreneurial culture and approach to building lasting broker and client relationships mirror our own, and I very much look forward to working with Deepak to realise the value the combined capabilities of both businesses will create,” Sangedal continued.
Source: Optio Group
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