Optio Group, an independent specialty managing general agent (MGA) platform, has acquired Custodian Management, a UK-based MGA.  

Since its inception in 2013 by managing director Zahid Naqvi, Custodian Management has focused on underwriting profitability and specialises in offering professional indemnity (PI) and management liability.  

This acquisition is expected to enhance Optio’s PI capabilities and is part of its strategy to create a diversified platform. 

Insurance Advisory Partners served as the exclusive financial advisor to Optio for this transaction. 

Optio Group CEO Deepak Soni said: “Custodian’s established underwriting expertise, strong broker relationships and robust capacity support make it a natural strategic fit within Optio’s growing portfolio.  

“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.” 

The terms of the deal, which is subject to regulatory approval, have not been disclosed. 

Naqvi stated: “Joining forces with Optio marks an exciting new chapter for Custodian. Over the past decade, we have built our business on underwriting discipline, adaptability, trusted broker partnerships and consistent performance.  

“We are proud of what we have achieved and are confident that, with Optio’s scale and shared values, we can continue to grow our proposition and deliver even greater value to our partners and clients.” 

In March this year, Optio Group purchased Norwegian MGA S Insurance, a marine hull specialist.   

In November, it completed the acquisition of Netherlands and Brussels-based MGA Den Hartigh Beheer & Exploitatie.   

The Optio group of companies, which includes Brockwell Capital, Northcourt, Optio Europe, Optio Re MENA, Optio Risk Services and Optio Underwriting, collectively provides insurance products, underwriting services and broking capabilities.