Optio Group Expands with Acquisition of S Insurance
In a move aimed at enhancing its footprint in the specialty insurance market, the independent specialty MGA, Optio Group, has announced its acquisition of Norway-based S Insurance. This transaction is subject to regulatory approval.
Optio Group’s strategy focuses on building a robust and diverse platform through the acquisition of high-quality, niche specialty Managing General Agents (MGAs) across Europe. This acquisition follows the successful purchase of Luxembourg-based MGA Circles Group in the previous year.
S Insurance is renowned for its specialization in marine hull insurance, with a substantial market presence throughout Europe. The company has ambitious plans to expand its range of products and extend its geographical reach.
Deepak Soni, CEO of Optio Group, remarked, “S Insurance epitomizes the kind of MGAs we aim to invest in or acquire, thanks to its entrepreneurial leadership, proven specialty capabilities, and cultures and values that align well with ours.”
Gary Sangedal, Director at S Insurance, expressed enthusiasm about the merger, stating, “Joining forces with Optio is an exciting opportunity that will enable us to continue our underwriting strategy and maintain our dedicated service to our valued brokers and clients.”
He further noted, “Optio provides us with access to broader expertise and the resources of a larger group, which in turn offers significant opportunities to accelerate our plans to broaden our product offerings and expand our geographical footprint.”
