Optio acquires Norwegian marine MGA
S Insurance will continue to be led by its founder and director Gary Sangedal
Acquisition of S Insurance will complement Optio’s existing marine business
SPECIALITY managing general agent (MGA) Optio has acquired Norwegian underwriting business S Insurance for an undisclosed sum.
Headquartered in Bergen, S Insurance, which was founded a decade ago, specialises in marine hull underwriting worldwide.
Optio said the acquisition will complement its existing marine business.
Scandinavia’s long-established marine industry, which is supported by a “highly regulated and growing MGA market” made the acquisition attractive, Optio said.
S Insurance will continue to be led by founder and director, Gary Sangedal, has plans to expand both its product offerings and geographical reach, it added.
Deepak Soni, chief executive at Optio Group, said: “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.”
