Optio Group has strengthened its Scandinavian footprint with the acquisition of Oslo-based managing general agent AGS Forsikring AS, adding specialist capabilities across energy, sport, and fine art insurance.
The London-headquartered specialty MGA confirmed the transaction on Monday, marking its second acquisition in the region following the purchase of Bergen-based S Insurance AS last year.
Founded in 2008 by Lars-Petter Myklebost, AGS Forsikring has built a strong niche presence across several specialist lines. The firm manages personal accident insurance programmes for Scandinavian sports federations through proprietary IT platforms and delivers tailored insurance solutions for cultural institutions across the region. In addition, AGS maintains a global energy portfolio supported by Lloyd’s-backed binders covering both onshore and offshore risks.
The acquisition comes against the backdrop of a more cautious global insurance mergers and acquisitions environment. Data from the first half of 2025 shows a sharp decline in completed insurance M&A transactions, with deal volumes falling to their lowest levels since the 2008 financial crisis. Insurers and brokers have responded to macroeconomic uncertainty, geopolitical tensions, and ongoing inflationary pressures by prioritising smaller bolt-on acquisitions and internal capital deployment over large-scale transactions.
Within this landscape, investment in managing general agents and brokerages has emerged as a key strategic focus. Demand for niche underwriting expertise, specialised capabilities, and access to fragmented markets continues to drive consolidation across the MGA sector, underpinned by strong margins, differentiated risk portfolios, and the structural appeal of delegated authority business models.
