Optio Group, a London-based independent specialty Managing General Agent (MGA), has announced the acquisition of Norwegian MGA S Insurance AS. The financial details of the deal remain undisclosed pending regulatory approval.
This acquisition represents a further strategic move for Optio, building on previous acquisitions including Den Hartigh (Netherlands/Brussels) and Circles Group (Luxembourg), alongside a strategic investment in Heca S.r.l (Italy). The aim is to establish a diversified platform for acquiring specialty MGAs throughout Europe.
S Insurance, headquartered in Bergen with offices in Oslo, specializes in marine hull insurance. The company underwrites business globally but has a strong presence in Europe, and is planning to broaden its range of products and geographical reach. The company was established by Director Gary Sangedal nearly a decade ago, quickly building a strong reputation in the market thanks to its disciplined underwriting and strong relationships with brokers and capacity providers.
This reputation was formally recognized in 2022 when S Insurance became a member of The Nordic Association of Marine Insurers (CEFOR). Optio highlighted that this membership demonstrates the company’s high standards and role in providing stable and reliable capacity in this sector.
Sangedal will continue his role within the newly expanded organization, working closely with Managing Director Marianne Engelsen Hals and the rest of the S Insurance team. The acquisition of S Insurance is expected to complement Optio’s existing marine business by broadening its expertise and capabilities.
The Scandinavian marine industry is a critical sector for the region’s economy, supported by a highly regulated and growing MGA market, further enhanced S Insurance as an attractive acquisition target for Optio.
“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 of Optio Group. “S Insurance is an excellent example of the MGAs we are looking to invest in or acquire, with its entrepreneurial leadership, proven specialty capabilities and complementary cultures and values.”
Soni added, “I look forward to working with Gary and the team to deliver the opportunities this partnership creates for our businesses, brokers and customers.”
Gary Sangedal commented, “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.”
Sangedal continued, “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.”
Source: Optio Group
