Norwegian managing general agent (MGA) S Insurance AS has been officially acquired by Optio Group, following regulatory approval.
The transaction, first announced in March, brings the Bergen-headquartered marine hull specialist into an international MGA network.
Founded nearly a decade ago, S Insurance underwrites marine hull business globally, with a significant share of clients in Europe. In addition to its Bergen base, the firm operates an office in Oslo. The company became a member of the Nordic Association of Marine Insurers (CEFOR) in 2022.
Following the acquisition, S Insurance director Gary Sangedal and managing director Marianne Engelsen Hals will continue to lead the existing team under the Optio structure.
The transaction is part of Optio Group’s strategy to acquire niche MGAs in targeted markets. It follows previous acquisitions of Netherlands- and Brussels-based Den Hartigh, Luxembourg-based Circles Group, and a strategic investment in Italy's Heca S.r.l.
Optio aims to develop a diversified platform by integrating specialist underwriting operations across Europe.
According to Optio CEO Deepak Soni, S Insurance aligns with the group’s criteria for expansion, pointing to the firm’s specialist capabilities and operational culture. Meanwhile, Sangedal said that the deal would allow S Insurance to continue executing its underwriting strategy and provide continuity for its broker and client base.
While the financial details of the deal have not been disclosed, the integration signals a shift for S Insurance from a standalone MGA to part of a larger group, enabling potential access to additional capacity and operational infrastructure. The move also introduces Optio to the Scandinavian insurance market for the first time.
Is this type of acquisition the right path forward for specialist MGAs like S Insurance? Share your insights in the comments section.
