Optio Group has acquired Oslo-based managing general agent AGS Forsikring AS, expanding its Scandinavian operations and adding expertise in energy, sport, and fine art insurance.
The London-headquartered specialty MGA announced the deal on Monday, marking its second acquisition in the region following last year’s purchase of Bergen-based S Insurance AS.
AGS Forsikring, founded in 2008 by Lars-Petter Myklebost, manages personal accident claims for Scandinavian sports federations using proprietary IT systems, provides bespoke insurance solutions for cultural institutions throughout Scandinavia, and maintains a global presence in the energy sector through Lloyd’s-backed binders covering onshore and offshore risks, according to a news release.
“AGS is a fantastic addition to the Optio group and a further step in our ongoing international expansion,” said Deepak Soni, chief executive of Optio Group. “They have built a strong business supported by proprietary tech and strong partnerships, with high renewal rates and a reputation for premium service across the region and with their global clients.”
Soni said AGS’s portfolio would broaden Optio’s capabilities and expressed enthusiasm about working with Myklebost and his team.
“Joining Optio opens up significant opportunities for AGS and we are eager to combine their expertise and business services with our own specialised offering,” Myklebost said.
Myklebost noted that Optio’s culture aligned with AGS’s approach and that of S Insurance, now operating as an Optio company. “I very much look forward to co-creating solutions to our clients’ unique challenges and goals and working with the immediate team across Scandinavia and the broader Optio group,” he said.
The deal comes amid wider shifts in the global insurance mergers and acquisitions (M&A) environment, where carriers and brokers have approached dealmaking with increasing caution. Data from the first half of 2025 indicated a sharp decline in completed insurance M&A transactions, with volumes falling to the lowest levels since the 2008 financial crisis, as carriers responded to macroeconomic uncertainty, geopolitical instability, and persistent inflationary pressures by favouring smaller bolt-on deals and internal capital deployment over large acquisitions.
Investment in managing general agents and brokerages has become a notable area of strategic focus, as firms seek niche capabilities, specialised underwriting expertise, and access to fragmented markets. Consolidation among MGAs has continued, driven by the sector’s high margins, differentiated risk portfolios, and the structural appeal of delegated authority models.
