Optio Group, an impartial specialty managing common agent (MGA) platform, has acquired Custodian Administration, a UK-based MGA.
Since its inception in 2013 by managing director Zahid Naqvi, Custodian Administration has centered on underwriting profitability and specialises in providing skilled indemnity (PI) and administration legal responsibility.
This acquisition is anticipated to reinforce Optio’s PI capabilities and is a part of its technique to create a diversified platform.
Insurance coverage Advisory Companions served because the unique monetary advisor to Optio for this transaction.
Optio Group CEO Deepak Soni mentioned: “Custodian’s established underwriting experience, robust dealer relationships and strong capability help make it a pure strategic match inside Optio’s rising portfolio.
“This transaction builds on the momentum of our ongoing technique concentrating on high-quality, area of interest specialty MGAs globally, underscoring our dedication to strategic development, underwriting excellence and client-focused options.”
The phrases of the deal, which is topic to regulatory approval, haven’t been disclosed.
Naqvi said: “Becoming a member of forces with Optio marks an thrilling new chapter for Custodian. Over the previous decade, now we have constructed our enterprise on underwriting self-discipline, adaptability, trusted dealer partnerships and constant efficiency.
“We’re happy with what now we have achieved and are assured that, with Optio’s scale and shared values, we are able to proceed to develop our proposition and ship even larger worth to our companions and purchasers.”
In March this yr, Optio Group bought Norwegian MGA S Insurance coverage, a marine hull specialist.
In November, it accomplished the acquisition of Netherlands and Brussels-based MGA Den Hartigh Beheer & Exploitatie.
The Optio group of corporations, which incorporates Brockwell Capital, Northcourt, Optio Europe, Optio Re MENA, Optio Threat Companies and Optio Underwriting, collectively gives insurance coverage merchandise, underwriting companies and broking capabilities.
