S Insurance: Optio Completes Acquisition of Norwegian MGA
Deal News | Apr 17, 2025 | Re-Insurance News
Optio Group, a specialty MGA, has successfully acquired S Insurance AS of Norway after receiving the necessary regulatory approvals. This acquisition, unveiled in March 2025, signifies a key phase in Optio’s strategy to build a comprehensive platform by integrating high-caliber, niche specialty MGAs throughout Europe. S Insurance, based in Bergen and operating an additional office in Oslo, focuses on marine hull underwriting and maintains a substantial global market presence. The company, led by Director Gary Sangedal and established nearly a decade ago, is known for its rigorous underwriting and strong ties with brokers and capacity providers. Optio’s investment enhances S Insurance’s potential to augment its product offerings and extend its geographic footprint. This transaction marks Optio's inaugural foray into the Scandinavian market and follows its acquisitions in the Netherlands, Brussels, Luxembourg, and a strategic stake in an Italian MGA.
Sectors
- Insurance
- Marine Insurance
- Financial Services
Geography
- Norway – S Insurance is based in Bergen, Norway with an office in Oslo, and serves a global market.
- Europe – Optio is expanding its operations across Europe through strategic acquisitions including the recent integration of S Insurance.
Industry
- Insurance – The transaction involves MGAs, which are entities that underwrite insurance policies on behalf of insurers.
- Marine Insurance – S Insurance specializes in marine hull underwriting, part of the broader marine insurance sector.
- Financial Services – Optio's acquisition activities are part of the financial services industry, focusing on strategic expansion and investment.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Optio Group | Acquirer | Company | An independent specialty MGA focused on building a diverse platform across Europe. |
| S Insurance AS | Target Company | Company | A Norwegian MGA specializing in marine hull underwriting with a strong market presence. |
| Gary Sangedal | Director | Person | Founder and Director of S Insurance, noted for a disciplined underwriting approach. |