Optio Group (Optio), an independent specialty MGA, has acquired Norwegian-based MGA S Insurance AS (S Insurance) for an undisclosed amount, pending regulatory approval.
This acquisition supports Optio’s strategy to expand its specialized MGA platform across Europe.
It follows previous transactions, 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.
S Insurance, based in Bergen with an office in Oslo, focuses on marine hull underwriting. It serves a global market, with a strong presence in Europe. Established nearly a decade ago by Director Gary Sangedal, the company is recognized for its disciplined underwriting and strong relationships with brokers and capacity providers.
In 2022, S Insurance joined The Nordic Association of Marine Insurers (CEFOR), reflecting its industry standing. Sangedal will continue to lead alongside Managing Director Marianne Engelsen Hals and the existing team.
The acquisition strengthens Optio’s marine expertise and expands its service offerings. Scandinavia’s established marine industry plays a key role in the regional economy, and the MGA market in the area continues to grow under strong regulation. S Insurance adds value to Optio’s portfolio by enhancing its capabilities in this sector.
This acquisition marks another step in our European expansion. We welcome Gary and his team to Optio. S Insurance aligns with the MGAs we seek to invest in or acquire, given its entrepreneurial leadership, specialized expertise, and cultural fit
Deepak Soni, CEO of Optio Group
Deepak Soni, CEO of Optio Group, stated: “I look forward to working with them to capitalize on the opportunities this partnership creates for our businesses, brokers, and clients.”
Sangedal added: “Joining Optio ensures we can continue executing our underwriting strategy while maintaining our service commitment to brokers and clients. Optio provides access to broader expertise and the resources of a larger group. This strengthens our ability to expand our product range and geographic reach. Optio’s culture and approach to building lasting broker and client relationships align with ours, and I look forward to working with Deepak to maximize the value of our combined capabilities.”
