The buyers plan to grow Optio through more deals but kept the purchase price under wraps
Private equity firm Cinven and investment group La Caisse have agreed to acquire Optio Group, a London-based specialty insurance underwriting platform.
Neither buyer disclosed the financial terms of the transaction.
Optio operates as a managing general agent, originating, underwriting and managing specialty risk on behalf of more than 60 third-party capacity providers.
Founded in 2018 and based in London, the company runs six business lines covering profession and specialty, transportation, property and energy, healthcare, transactional liability, and surety and credit, spanning more than 30 products.
It operates 18 offices across 15 countries in the UK, Europe, the US, the Middle East and Asia, according to the announcement.
Both buyers said they had tracked the company for some time, with Cinven's team knowing Optio's management for more than two years.
Cinven pointed to earlier investments in the specialty underwriting and wider financial services sector, including Compre, Miller and Policy Expert.
La Caisse framed the deal as consistent with a longstanding focus on insurance and insurance-related platforms across Europe, North America and Australia.
The institutional case for the acquisition drew particular attention in La Caisse's remarks.
Specialty insurance rewards "technical underwriting expertise, disciplined risk selection and scale," said Martin Longchamps, executive vice-president and head of private equity and private credit at La Caisse.
He tied the deal to the group's "conviction in the long-term fundamentals of the sector."
Cinven, for its part, described Optio as a standout target in the MGA space.
Cinven sees Optio as "a marquee opportunity" in a sub-sector it knows well, said Luigi Sbrozzi, partner and co-head of the strategic funds at the firm.
He said the buyers plan to back the company's expansion organically and through further mergers and acquisitions.
Optio changes hands after a period of expansion under its current backer, Preservation Capital Partners.
Chief executive Deepak Soni said the company had built a diversified global platform by investing in its teams and acquiring specialist MGAs.
He said the new shareholders would back further growth while preserving the culture and expertise that define the business.
The deal remains subject to customary regulatory approvals and other closing conditions, the firms said.
