Optio Group has completed its acquisition of UK-based managing general agent Custodian Management Ltd., following regulatory approval.
The deal, first announced in May, adds to Optio’s expanding professional indemnity (PI) offering and supports its aim to build a multi-line platform.
Custodian Management was founded in 2013 by managing director Zahid Naqvi and focuses on PI and management liability products. The company has operated independently in the UK market and has developed a niche position in its specialist areas.
Optio’s head of professional lines, Deepak Soni (pictured above), described the acquisition as one that adds an experienced underwriting team with strong broker relationships and dependable capacity partnerships.
“This transaction builds on the momentum of our ongoing strategy targeting high-quality, niche specialty MGAs globally, underscoring our commitment to strategic growth, underwriting excellence and client-focused solutions,” Soni said.
The acquisition follows several others by Optio across Europe, including Netherlands and Brussels-based Den Hartigh, which provides property and casualty solutions.
Other deals includeLuxembourg’s Circles Group, specialising in film, events, and fine art coverage; and S Insurance in Norway, known for its marine hull capabilities.
According to a recent report from MarshBerry, most deals in May involved businesses valued under £5 million, and non‑private‑equity buyers (such as Optio) remain among the most active acquirers in the sector.
In addition to full acquisitions, Optio has also pursued strategic investments, such as its minority stake in Italian MGA Heca S.r.l. Heca operates with a proprietary CRM platform and blockchain-backed policy verification system, which is designed to enhance transparency in surety underwriting.
Prior to the European push, Optio unveiled plans for MGA and reinsurance broking operations in Dubai (targeting accident & health, terrorism, marine war and financial lines), showing its ambition to enter new regions beyond Europe
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