The latest acquisition for Optio Group;
Optio Group (Optio), the independent specialty MGA, announces the acquisition of Construction Guarantee Underwriters Limited (CGU) for an undisclosed sum. With over 40 years of underwriting heritage, specialising in construction surety and performance bonds, CGU is an established fixture of the Irish construction market.
The transaction marks Optio’s entry into the Irish insurance market and is the latest in its ongoing European expansion. Recent transactions include the acquisition of Gardian Marine, S Insurance, and AGS Forsikring AS.
Established in 1984, with long-standing capacity support from Hiscox, CGU is led by a highly experienced and disciplined management team with deep expertise in construction surety underwriting. Kevin O’Brien and Mark Hogan, directors of CGU, bring decades of experience and have built a strong reputation throughout Ireland for consistent underwriting whilst navigating multiple construction cycles.
Deepak Soni, CEO, Optio Group, said: “We are thrilled to welcome Kevin, Mark and the CGU team to Optio. CGU brings deep expertise and a strong reputation within the Irish insurance market, making it a compelling addition to Optio. Their specialist focus and disciplined underwriting approach align closely with our own values, and we are excited to support the next phase of their growth as part of our platform. This acquisition strengthens Optio’s growing capabilities and demonstrates our commitment to providing exceptional service to key European markets.”
CGU directors Kevin O’Brien and Mark Hogan added: “From the outset, our focus at CGU has been on delivering specialist solutions and high-quality service to the construction sector with a particular emphasis on developing long-lasting relationships with our clients. Joining Optio provides us with the scale, resources and long-term backing to build on that foundation, while maintaining the agility and underwriting discipline that has underpinned our success to date. We are excited about the opportunities this partnership creates for our clients and our team.”
Justin Bowen CUO of Hiscox Europe said: “Hiscox has worked alongside CGU since 2000, supporting the business as it has grown and built its reputation in the Irish market. Throughout that time, CGU have very much been part of the Hiscox family, shaped by shared values, trust and a strong working relationship. We’re proud of what we’ve achieved together and pleased to continue supporting CGU as they move into this next chapter with Optio.”
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