Specialty managing basic 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 claimed 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 trying to broaden its product and geographical footprint.
Sangedal will retain his function and work alongside managing director Marianne Engelsen Hals and the S Insurance coverage crew.
Optio CEO Deepak Soni stated: “I’m delighted to announce our newest acquisition, which marks an additional vital step in our ongoing European enlargement, and to welcome Gary and the crew to Optio.
“S Insurance coverage is a wonderful instance of the MGAs we need to spend money on or purchase, with its entrepreneurial management, confirmed speciality capabilities and complementary cultures and values. I sit up for working with Gary and the crew to ship the alternatives this partnership creates for our companies, brokers and prospects.”
Sangedal stated: “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 offers 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 broaden 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.
