Optio Group Strengthens European Platform
Optio Group, a leading independent specialty Managing General Agent (MGA), has announced its acquisition of Norwegian-based MGA, S Insurance AS, for an undisclosed sum, pending regulatory approval. This acquisition fortifies Optio’s strategic vision of crafting a diverse and specialized MGA platform across the European landscape.
This transaction follows Optio’s previous expansions, which include the acquisitions of Netherlands- and Brussels-based MGA Den Hartigh, Luxembourg-based Circles Group, and a strategic investment in the Italian MGA, Heca S.r.l.
About S Insurance AS
Headquartered in Bergen, with a satellite office in Oslo, S Insurance specializes in marine hull underwriting, catering to a global clientele while maintaining a robust presence in Europe. Established nearly a decade ago by Director Gary Sangedal, the company has garnered a strong reputation for its disciplined underwriting methodology and its commitment to fostering close relationships with brokers and capacity providers.
In recognition of its industry standing, S Insurance was inducted into The Nordic Association of Marine Insurers (CEFOR) in 2022. Sangedal will continue to steer the company alongside Managing Director Marianne Engelsen Hals and the existing team.
Enhancing Marine Expertise
This acquisition enriches Optio’s marine expertise and service offerings, solidifying its stature within the sector. Given Scandinavia’s historically significant marine industry and the region’s burgeoning, well-regulated MGA market, S Insurance represents a valuable augmentation to Optio’s portfolio.
Deepak Soni, CEO of Optio Group, expressed his enthusiasm: “I am thrilled to announce our latest acquisition, marking a pivotal step in our ongoing European expansion. We are excited to welcome Gary and his team to Optio. S Insurance exemplifies the kind of MGAs we aim to invest in or acquire, characterized by entrepreneurial leadership, specialized capabilities, and aligned cultures and values. I eagerly anticipate collaborating with Gary and his team to leverage the opportunities this partnership presents for our businesses, brokers, and customers.”
Sangedal shared: “Joining Optio is an exhilarating opportunity that ensures we maintain our underwriting strategy and our dedicated service to our esteemed brokers and clients. Optio offers us access to broader expertise and the resources of a significantly larger group. This opens up substantial opportunities to accelerate our plans to widen our product offerings and expand our geographic reach. Optio’s entrepreneurial ethos and their approach to nurturing lasting broker and client relationships resonate with our own, and I am very much looking forward to working with Deepak to harness the value that our combined capabilities will create.”
