Optio expands into Scandinavia with S Insurance deal
By Rebecca Delaney
March 3 - (The Insurer) - Specialty MGA Optio Group has entered the Scandinavian market with the acquisition of Norwegian MGA S Insurance AS.
The value of the deal was not disclosed. The transaction remains subject to regulatory approval.
Headquartered in Bergen and with offices in Oslo, S Insurance specialises in marine hull. It underwrites business globally with a strong market presence in Europe.
It was founded almost 10 years ago by director Gary Sangedal, who will continue in his role alongside managing director Marianne Engelsen Hals and the S Insurance team.
S Insurance will complement Optio’s existing marine business by broadening its existing expertise and proposition to Scandinavia’s long-established marine industry.
Optio said the deal marks a "further strategically significant step" in its aim to create a diversified buy-and-build platform through the acquisition of niche specialty MGAs across Europe.
The deal follows the acquisitions of Netherlands and-Brussels based MGA Den Hartigh and Luxembourg-based Circles Group, as well as a strategic investment in Italian MGA Heca.
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