Optio Group, the London-based unbiased specialty MGA, introduced it has acquired Norwegian-based MGA S Insurance coverage AS (S Insurance coverage) for an undisclosed sum, topic to regulatory approval.
This acquisition follows Optio’s acquisitions of Netherlands and-Brussels primarily based MGA Den Hartigh and Luxembourg-based Circles Group and its strategic funding in Italian MGA, Heca S.r.l.
Optio stated the transaction is an additional strategically important step to create a diversified buy-and-build platform by means of the acquisition of speciality MGAs throughout Europe.
Headquartered in Bergen and with places of work in Oslo, S Insurance coverage makes a speciality of marine hull, underwriting enterprise globally with a powerful market presence in Europe, and with bold plans to develop each its product and geographical attain.
The corporate was based nearly 10 years in the past by Director Gary Sangedal, shortly creating a wonderful status available in the market because of its disciplined underwriting and robust dealer and capability relationships. This was acknowledged in 2022 with S Insurance coverage turning into a member of The Nordic Affiliation of Marine Insurers (CEFOR), which Optio stated demonstrates its excessive requirements and its provision of steady and dependable capability to the market.
Sangedal will proceed his position working carefully with Managing Director Marianne Engelsen Hals and the S Insurance coverage workforce.
S Insurance coverage will complement Optio’s present marine enterprise, broadening its experience and proposition. Scandinavia’s long-established marine trade, which is crucial to the area’s financial system and supported by a extremely regulated and rising MGA market, additional made S Insurance coverage a sexy goal for Optio.
“I’m delighted to announce our newest acquisition, which marks an additional necessary step in our ongoing European growth, and to welcome Gary and the workforce to Optio,” commented Deepak Soni, CEO, Optio Group.
“S Insurance coverage is a wonderful instance of the MGAs we need to put money into or purchase, with its entrepreneurial management, confirmed speciality capabilities and complementary cultures and values,” Soni added. “I look ahead to working with Gary and the workforce to ship the alternatives this partnership creates for our companies, brokers and prospects.”
“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 develop our product providing and geographical footprint,” in accordance with Sangedal.
“Optio’s entrepreneurial tradition and strategy to constructing lasting dealer and consumer relationships mirror our personal, and I very a lot look ahead to working with Deepak to understand the worth the mixed capabilities of each companies will create,” Sangedal continued.
Supply: Optio Group
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