Optio Group, a London-based independent specialty managing general agent (MGA), has acquired Norwegian insurance underwriting business SAFE Forsikring (SAFE) for an undisclosed amount, extending its operations in the Nordic region and adding further expertise in aquaculture insurance.
The acquisition will bring SAFE into Optio’s Norwegian business alongside S Insurance and AGS Forsikring. According to Optio, the agreement supports its plans to increase its European presence while expanding the range of specialist risks underwritten across its existing operations.
SAFE was established in Oslo in 2012 by Thore Amundsen and Espen Stange. The founder-led MGA provides specialist underwriting services across aquaculture, offshore energy and marine insurance, using delegated underwriting arrangements supported by established relationships with highly rated insurance carriers.
Optio stated that SAFE’s experience in the aquaculture sector was an important factor in the acquisition. The Norwegian business has built its underwriting capabilities through the founders’ experience in marine and energy insurance, alongside their knowledge of the aquaculture industry and relationships with market participants.
The company provides insurance coverage for a range of aquaculture businesses, including some of the industry’s largest operators in Norway and overseas. Optio said SAFE has recorded sustained growth and profitability, while developing a substantial presence in the specialist aquaculture insurance market.
By incorporating SAFE into its Norwegian operations, Optio intends to extend its underwriting capabilities in marine-related sectors and provide the acquired business with access to a wider network of insurance markets and operational resources.
Deepak Soni, Chief Executive Officer of Optio Group, commented: “We are delighted to welcome SAFE Forsikring to Optio. Thore, Espen and their team have built a truly specialist underwriting business with an outstanding reputation in the aquaculture market, underpinned by deep technical expertise, strong client relationships and consistent underwriting performance. We look forward to working with the SAFE team as they continue to develop their market-leading proposition.”
Thore Amundsen, Managing Director and Co-Founder of SAFE Forsikring, added: “Joining the Optio family marks an exciting new chapter for SAFE. From our first discussions, it was clear that both businesses share a common commitment to specialist underwriting, strong broker and client relationships and a long-term approach to growth. Becoming a part of Optio will provide us with greater resources and broader market access to pursue the many opportunities we see within our markets. We are excited to continue leading the business and work alongside the wider Optio team to build on the strong foundations we have created over the past decade.”
