Optio Group, an independent specialty managing general agent (MGA), has agreed to acquire Norwegian-based MGA S Insurance AS for an undisclosed sum, subject to regulatory approval.
The acquisition aims to enhance Optio’s marine capabilities, expanding its expertise and service offering. Scandinavia’s established marine industry, which plays a key role in the region’s economy and is supported by a regulated and growing MGA sector, contributed to Optio’s decision to pursue the transaction.
S Insurance, headquartered in Bergen with offices in Oslo, focuses on marine hull underwriting, operating globally with a strong presence in Europe. The company was founded nearly a decade ago by director Gary Sangedal. In 2022, S Insurance became a member of The Nordic Association of Marine Insurers (CEFOR), reflecting its standing in the market.
Sangedal will now remain in his role, working alongside managing director Marianne Engelsen Hals and the existing S Insurance team.
Commenting on the deal, Sangedal said Optio will provide the MGA with access to more resources and open up opportunities to accelerate its plans to expand its product offering and geographical footprint.
“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,” he added.
“I am delighted to announce our latest acquisition, which marks a further important step in our ongoing European expansion,” said Deepak Soni, Optio Group’s chief executive officer. “S Insurance is an excellent example of the MGAs we are looking to invest in or acquire, with its entrepreneurial leadership, proven specialty capabilities and complementary cultures and values.”
The acquisition is part of Optio’s strategy to expand its platform by acquiring niche specialty MGAs across Europe.
In November, the company acquired Netherlands and Brussels-based Den Hartigh Beheer & Exploitatie BV, a technology-driven business-to-business MGA offering a range of property and casualty products.
It also acquired Luxembourg-based MGA Circles Group, which is the company’s largest acquisition in Europe so far.
The company also made a strategic investment for the Italian MGA Heca S.r.l., which offers a blockchain-based policy verification service. The financial terms of the investment were not disclosed.
