Optio Group Finalizes Acquisition of MGA Custodian Management Agreement
Optio Group Strengthens Its Specialty Insurance Offering with Acquisition of Custodian Management Ltd.
Optio Group, a leading European specialty insurance provider, has successfully completed the acquisition of UK-based managing general agent (MGA) Custodian Management Ltd. This acquisition, finalized in August 2025 after regulatory approval, marks a significant step in Optio's strategy to build a diversified, multi-line specialty insurance platform.
Custodian Management Ltd., founded in 2013 by managing director Zahid Naqvi, is a respected and successful professional indemnity (PI) and management liability specialist. The acquisition adds Custodian's experienced underwriting team and strong broker relationships to Optio’s portfolio, reinforcing its capabilities in those niche segments.
This acquisition is the latest in a series of purchases by Optio Group, including Den Hartigh, Circles Group, S Insurance AS, and a strategic investment in Heca S.r.l. Each of these acquisitions serves to expand Optio's reach and enhance its offerings.
Den Hartigh, based in the Netherlands and Brussels, provides property and casualty solutions. Circles Group, based in Luxembourg, specializes in film, events, fine art insurance, with advanced digital underwriting and claims technologies. S Insurance AS, based in Norway, is known for its marine hull capabilities, while Heca S.r.l., an Italian MGA, uses blockchain in surety underwriting.
Optio Group also announced plans to grow its MGA and reinsurance broking operations in Dubai, targeting sectors such as accident & health, terrorism, marine war, and financial lines, indicating ambitions to expand beyond Europe.
With these acquisitions, Optio now controls around £300 million of gross written premium spanning over 20 products across diverse sectors including professions and specialty lines, accident and health, transportation, surety trade credit, political violence and terrorism, property, and energy.
Optio’s strategy focuses on building a multi-line specialty MGA platform with geographic diversification, targeting high-quality, niche specialty MGAs globally, enhancing underwriting excellence through experienced teams and proprietary technology, and expanding into new regions beyond Europe, notably the Middle East.
These moves collectively position Optio Group as a growing, diversified specialty MGA platform with a strong presence and advanced capabilities across multiple European markets and beyond.
[1] Optio Group Press Release - Acquisition of Custodian Management Ltd. [2] Optio Group Press Release - Expansion into Dubai [3] Optio Group Press Release - Acquisition of Den Hartigh [4] Optio Group Press Release - Investment in Heca S.r.l.
- The acquisition of Custodian Management Ltd by Optio Group will enable the insurtech industry to broaden its finance business offerings, as Optio strengthens its specialty insurance platform with a focus on professional indemnity and management liability.
- With Optio Group's strategic expansion into Dubai and recent acquisitions in Europe, the specialty insurance industry can expect to see a surge in business events, as the company targets sectors like accident & health, terrorism, marine war, and financial lines, aiming for a robust regional presence.
