Optio launches $150 million Lloyd's-backed PVT binder

By Navneeta Nandan

June 2 - (The Insurer) - Specialty MGA Optio Group announced on Monday that it has launched a new political violence and terrorism binder, backed 100% by Lloyd’s capacity.

The binder provides $150 million of protection against both physical and financial threats faced by businesses and organisations. It includes an active assailant add-on.

Angus Bailey, head of specialty at Optio, said in a statement that the launch enables the group’s capacity providers to capitalise on its distribution network and ensure broader market reach and sustainable growth.

Optio acquired UK-based MGA Custodian Management in May. The specialty MGA entered the Scandinavian market in April with the acquisition of Norway-based MGA S Insurance. Those deals followed its acquisitions of Netherlands and Brussels-based MGA Den Hartigh and Luxembourg-based Circles Group, as well as the group’s strategic investment in Italian MGA Heca.

Earlier this year, Optio Group named Gary Head as chief underwriting officer and Deepak Soni as group CEO.