Optio expands into Scandinavia with Norwegian marine MGA acquisition

Optio Group has acquired Norwegian-based managing general agent (MGA) S Insurance for an undisclosed sum, subject to regulatory approval.

Headquartered in Bergen and with offices in Oslo, S Insurance specialises in marine hull, underwriting business globally with a strong market presence in Europe, and with plans to expand both its product and geographical reach.

S Insurance’s acquisition would complement Optio’s existing marine business, the MGA said.

Optio, an independent specialty MGA, referred to the transaction as “a further strategically significant step…creating a diversified buy-and-build platform through the acquisition of high-quality, niche speciality MGAs across Europe”.

The deal follows previous acquisitions of Netherlands and Brussels based MGA Den Hartigh and Luxembourg-based Circles Group, and a strategic investment in Italian MGA, Heca.

S Insurance was founded almost 10 years ago by Director Gary Sangedal, in 2022 becoming a member of The Nordic Association of Marine Insurers (CEFOR).

Sangedal will continue his role working closely with managing director Marianne Engelsen Hals and the S Insurance team, Optio said.

“I am delighted to announce our latest acquisition, which marks a further important step in our ongoing European expansion, and to welcome Gary and the team to Optio,” said Deepak Soni, CEO, Optio Group.

“S Insurance is an excellent example of the MGAs we are looking to invest in or acquire, with its entrepreneurial leadership, proven speciality capabilities and complementary cultures and values. I look forward to working with Gary and the team to deliver the opportunities this partnership creates for our businesses, brokers and customers.”

Sangedal added: “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.

“Optio provides us with access to broader expertise and the resources of a much larger group. This, in turn, opens up significant opportunities to accelerate our plans to expand our product offering and geographical footprint.

“Optio’s entrepreneurial culture and approach to building lasting broker and client relationships mirror our own and I very much look forward to working with Deepak to realise the value the combined capabilities of both businesses will create.”