Optio Group acquires Luxembourg-based MGA, Circles

Optio Group, a specialty managing general agent (MGA) has acquired the Luxembourg-based MGA, Circles Group (Circles) for an undisclosed sum, subject to regulatory approval.

According to the announcement, the acquisition of Circles marks Optio’s largest in Europe to date.

At the same time, the acquisition also represents a critical development in Optio’s ongoing international expansion, with the Circles Group reportedly set to become Optio’s European headquarters.

Founded in 2001, Circles specialises in contingency and special risks insurance.

The business handles over €50 million in premiums and is one of the largest insurers for cinema and live performances in Europe, covering over 100,000 films and events to date.

As well as its expertise in TV and film production, Circles is also known for providing solutions in events, fine art, jewellery and equine insurance.

The firm’s proprietary distribution technology has driven organic growth into new markets, such as Hong Kong, Singapore and Brazil.

All staff from Circles will reportedly remain with the company, and its CEO Olivier Héger will also continue to lead the business.

Deepak Soni, chief executive of Optio Group, commented: “I am delighted to announce our acquisition of the Circles Group and to welcome Olivier and his team to Optio. Over the past 20 years, Circles has steadily grown into a powerhouse in events and film insurance. It also boasts some of the best distribution technology we’ve seen, as a vital part of maintaining the deep relationships it has cultivated with brokers during that time.

“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.”

Olivier Héger, CEO, Circles Group, added: “Optio and Circles Group share highly complementary cultures, values and skillsets, which combined creates the depth of expertise needed to respond to the increasingly global, complex and highly sophisticated demands of clients.

“This will also significantly strengthen both companies in achieving their strategic objectives; for Optio, expansion into Europe, and for us, a deeper connection with London, the home of insurance. I want to thank the whole Optio team for this exciting opportunity, which promises to be mutually rewarding for both businesses and importantly our clients.”

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