Optio Group has acquired Norway-based MGA, S Insurance AS, for an undisclosed sum.

Headquartered in Bergen and with offices in Oslo, S Insurance specialises in marine hull, underwriting business globally with a strong market presence in Europe.

The company was founded almost 10 years ago by director Gary Sangedal, who will continue his role, alongside managing director Marianne Engelsen Hals and the S Insurance team.

Deepak Soni, CEO, Optio Group, 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. 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.”

The transaction is subject to the usual regulatory approvals.

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