Optio Group, a specialty managing general agent (MGA), has acquired Circles Group, a Luxembourg-based MGA, for an undisclosed sum. The transaction is pending regulatory approval.
This acquisition represents Optio’s largest in Europe so far. It also marks a key milestone in Optio’s international expansion, with Circles set to become its European headquarters.
Circles Group, founded in 2001, specialises in contingency and special risks insurance. The company manages over €50mn in premiums and is a leading insurer in Europe for cinema and live performances, covering more than 100,000 films and events.
Beyond TV and film production insurance, Circles provides solutions for events, fine art, jewellery, and equine insurance. The company’s proprietary distribution technology has driven its organic growth into new markets, including Hong Kong, Singapore, and Brazil.
All Circles staff will remain with the company, and Olivier Héger, CEO of Circles Group, will continue to lead the business.
Deepak Soni, CEO of Optio Group, expressed enthusiasm for the acquisition, noting Circles’ growth into a leader in events and film insurance over the past 20 years. He highlighted the strength of Circles’ distribution technology and the strong relationships the firm has built with brokers.
This latest acquisition marks another significant step forward for our European growth strategy of acquiring entrepreneur-led, technologically advanced, innovative MGA businesses, with a strong proven track record of success. We have several acquisitions lined up supporting this strategy with more to follow.
Deepak Soni, CEO of Optio Group
Olivier Héger, CEO of Circles, added that Optio and Circles share similar cultures, values, and expertise. This acquisition, he said, will strengthen both companies in achieving their strategic goals. Optio will enhance its European presence, while Circles will benefit from a deeper connection to London, the centre of the insurance industry.
Héger expressed gratitude for the opportunity and confidence that it would benefit both businesses and their clients.
by Yana Keller
