Optio Group has announced its acquisition of Custodian Management Ltd, a UK-based managing general agent (MGA) specialising in professional indemnity and management liability. The deal, for an undisclosed sum, remains subject to regulatory approval.
Custodian Management was founded in 2013 by managing director Zahid Naqvi. Over the past decade, the firm has developed its position as a focused underwriter in specialist liability lines, maintaining long-standing broker relationships and consistent performance for capacity providers.
Optio said that the acquisition will strengthen its existing professional indemnity offering and aligns with its broader objective to build a diversified specialty MGA platform. The company has made several similar investments in recent years.
Deepak Soni (pictured above), CEO of Optio Group, said Custodian brings established underwriting capability, solid broker ties, and dependable capacity backing. He described the acquisition as part of Optio’s global strategy to expand into high-quality niche MGAs.
The agreement to acquire Custodian comes shortly after Optio finalised its acquisition of Norwegian MGA S Insurance AS in April, following regulatory approval. First announced in March, the transaction added the Bergen-headquartered marine hull specialist to Optio’s international network.
S Insurance, which underwrites marine hull business globally, also operates an office in Oslo and became a member of the Nordic Association of Marine Insurers (CEFOR) in 2022. Directors Gary Sangedal and Marianne Engelsen Hals will continue to lead the team under the Optio structure.
In November, Optio completed its acquisition of Den Hartigh Beheer & Exploitatie BV, an MGA with operations in the Netherlands and Brussels. The transaction, originally announced in July, supports Optio’s broader strategy of expanding its European presence.
Founded in 1916, Den Hartigh provides a range of property and casualty insurance products, including land-based equipment, marine, and high-net-worth solutions. These offerings are distributed through brokers via a proprietary digital platform.
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