Optio will acquire Film and Events MGA, the Luxembourg-based Circles group

Optio Group, the London-based specialist managing general agent, has announced that it has acquired Luxembourg-based MGA, Circles Group, for an undisclosed sum, subject to regulatory approval.

The acquisition of Circles, the largest Optio company in Europe to date, represents a strategically critical development in Optio’s continued international expansion, with the Circles group set to become Optio’s European headquarters.

Founded in 2001, Circles specializes in emergency and special risk insurance. With over €50 million in premium, it is one of the largest cinema and live performance insurers in Europe, insuring over 100,000 films and events to date.

Circles offers a variety of solutions for television and film production, as well as events, fine arts, jewelry and equine insurance. Proprietary distribution technology, used to connect and maintain relationships with its worldwide broker network, has helped Circles grow organically into new markets, establishing a presence in Hong Kong, Singapore and Brazil.

The acquisition of Circles will expand Optio’s product portfolio and provide an important strategic point that will continue to drive growth and subsequent acquisitions across Europe as part of Optio’s hub and spoke expansion model, Optio said, noting that all staff will remain and founder and CEO Olivier Héger will continue to lead the business.

“I am delighted to announce the acquisition of the Circles Group and to welcome Olivier and his team to Optio,” commented Deepak Soni, CEO of Optio Group.

“Over the past 20 years, Circles has grown steadily to become a powerhouse in event and film insurance. It also boasts some of the best distribution technology we have seen, as a vital part of maintaining the deep relationships it has cultivated with brokers during that time,” added Soni.

“This latest acquisition marks another significant step forward for our European growth strategy to acquire innovative, technologically advanced and entrepreneur-led MGA businesses with a strong track record of proven success. We have several acquisitions lined up that support this strategy, with more to come,” he said.

“Optio and the Circles Group share highly complementary cultures, values ​​and skill sets which, combined, create the deep expertise needed to meet the increasingly global, complex and highly sophisticated demands of customers,” said Olivier Héger, CEO, Circles Group, who will continue to lead the company.

“This will significantly strengthen both companies in achieving their strategic goals; for Optio, the expansion in Europe, and for us, a deeper connection with London, the home of insurance,” said Héger.

Source: Optio Group

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Wholesale M&A Insurance