Optio Group (Optio), an independent specialty MGA, has acquired Norwegian-based MGA S Insurance AS (S Insurance) for an undisclosed amount, subject to regulatory approval.
The acquisition strengthens Optio’s strategy of building a diverse and specialised MGA platform across Europe.
It follows previous expansions, including the acquisitions of Netherlands- and Brussels-based MGA Den Hartigh, Luxembourg-based Circles Group, and a strategic investment in Italian MGA Heca S.r.l.
Based in Bergen with an office in Oslo, S Insurance specialises in marine hull underwriting, serving a global market with a strong foothold in Europe.
Founded nearly a decade ago by Director Gary Sangedal, the company has earned a strong reputation for its disciplined underwriting approach and close relationships with brokers and capacity providers.
In recognition of its industry standing, S Insurance became a member of The Nordic Association of Marine Insurers (CEFOR) in 2022. Sangedal will continue to lead alongside Managing Director Marianne Engelsen Hals and the existing team.
The acquisition expands Optio’s marine expertise and service offerings, further reinforcing its position in the sector. With Scandinavia’s long-established marine industry playing a crucial role in the region’s economy and a well-regulated, growing MGA market, S Insurance represents a valuable addition to Optio’s portfolio.
Deepak Soni, CEO, Optio Group, commented: “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. 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.”
