The acquisition will reinforce the buyer’s professional indemnity business, says statement
Optio Group has completed its acquisition of UK-based managing general agent Custodian Management, following regulatory approval.
The deal – first announced in May – expands Optio’s professional indemnity (PI) proposition and supports the specialty MGA’s ambitions to build a diversified European platform.
Custodian, founded in 2013 by managing director Zahid Naqvi, specialises in PI and management liability cover.
Recent acquisitions
The move follows a string of European acquisitions by Optio, including Netherlands and Brussels-based MGA Den Hartigh, Luxembourg-based Circles Group and Norwegian-based S Insurance, as well as an investment in Italian MGA Heca.
Read: MGAs must adapt amid shifting client behaviour – Geo Underwriting’s Jaime Swindle
Read: MGA secures new capacity for PI risks as deal secured
Explore more M&A-related content here, or discover other news stories here
Optio describes itself as a specialist MGA focused on emerging risks and technology-driven underwriting. It aims to offer insurance propositions that support brokers and clients in niche markets.
In June 2025, Optio Group also launched a new political violence and terrorism (PVT) product backed by Lloyd’s, offering a £111m ($150m) limit to provide protection against physical and financial threats to businesses.
The product includes an optional active assailant add-on for coverage against attacks using deadly weapons.
Insurance Times has launched its annual MGA service survey, inviting UK general insurance brokers to share their service experiences with Managing General Agents (MGAs) over the past year.
The survey, conducted in partnership with the Managing General Agents’ Association (MGAA), will inform the 2025 Five Star Rating Report on the MGA market.
The 2025 survey is open until September 15, 2025, and participants will receive a summary of the findings along with a chance to win £250 in John Lewis vouchers.
No comments yet