Specialty managing general agent (MGA), Optio Group has announced its acquisition of Luxembourg-based MGA Circles Group for an undisclosed sum, subject to regulatory approval.
This acquisition, the largest for Optio in Europe, positions Circles Group as Optio's European headquarters as part of the company's broader international expansion strategy.
Founded in 2001, Circles specialises in contingency and special risks insurance. The company 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.
In addition to its expertise in TV and film production, Circles is known for providing solutions in events, fine art, jewellery, and equine insurance. Its proprietary distribution technology has enabled organic growth into new markets, including Hong Kong, Singapore, and Brazil.
Optio’s acquisition of Circles will expand its product offerings and strengthen its presence in Europe, advancing its hub-and-spoke model for international growth. All Circles staff will remain in their roles, with founder and CEO Olivier Héger continuing to lead the business.
Deepak Soni, chief executive of Optio Group, expressed optimism about the acquisition, emphasising Circles' growth over the past 20 years and its advanced distribution technology, which has supported broker relationships globally.
“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,” Soni said.
Olivier Héger (pictured above), CEO of Circles Group, highlighted the complementary nature of the two companies' cultures and capabilities.
“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,” Héger said.
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