Optio Group acquires Irish construction surety specialist CGU in European expansion move

UK-based specialty managing general agent Optio Group has agreed to acquire Construction Guarantee Underwriters Limited (CGU), an Irish specialist in construction surety and performance bonds, in a move that strengthens access to bonding capacity for contractors operating in Ireland's construction market. The financial terms of the transaction were not disclosed.

Insurance Business reported that the deal gives Optio its first on-the-ground presence in Ireland and adds a long-established, construction-focused underwriting book to its European portfolio, following recent acquisitions of Gardian Marine, S Insurance and AGS Forsikring AS.

Established in 1984 with long-standing capacity support from Hiscox, CGU brings more than 40 years of underwriting heritage in Ireland's construction market. The business is led by directors Kevin O'Brien and Mark Hogan, who have built a reputation for disciplined underwriting across multiple construction cycles in a sector marked by periods of rapid expansion and contraction.

Deepak Soni, CEO of Optio Group, said: "CGU brings deep expertise and a strong reputation within the Irish insurance market, making it a compelling addition to Optio. This acquisition strengthens Optio's growing capabilities and demonstrates our commitment to providing exceptional service to key European markets."

CGU's leadership has confirmed continuity for existing clients and trading partners, while pointing to the benefits of additional scale and resources under Optio's ownership. The deal is expected to give CGU access to a wider network and technology infrastructure while retaining its specialist focus on construction surety.

The acquisition comes as construction markets across Ireland and Europe continue to face cost inflation, tighter financing conditions and elevated insolvency risk among contractors. Against that backdrop, surety products remain a key risk-transfer tool for project owners, lenders and supply chains, with demand underpinned by public infrastructure programmes and complex private schemes.

Access the full report on Optio Group's acquisition of Construction Guarantee Underwriters Limited.