Optio Group, the London-based specialty managing general agent, announced it has acquired the Luxembourg-based MGA, Circles Group for an undisclosed sum, subject to regulatory approval.
The acquisition of Circles, Optio’s largest in Europe to date, represents a strategically critical development in Optio’s ongoing international expansion, with the Circles Group set to become Optio’s European headquarters.
Founded in 2001, Circles specializes in contingency and special risks insurance. With over €50 million in premium, it is one of the largest insurers of cinema and live performances in Europe, insuring over 100,000 films and events to date.
Circles provides a variety of solutions for TV and film production as well events, fine art, jewellery and equine insurance. Its proprietary distribution technology, used to connect and maintain relationships with its network of brokers worldwide, has helped Circles to grow organically into new markets, establishing a presence in Hong Kong, Singapore and Brazil.
The acquisition of Circles will broaden Optio’s product portfolio and provides an important strategic foothold that will continue to drive growth and further acquisitions across Europe, as part of Optio’s hub and spoke expansion model, Optio said, noting that all staff will remain and the founder and CEO Olivier Héger will continue to lead the business.
“I am delighted to announce our acquisition of the Circles Group and to welcome Olivier and his team to Optio,” commented Deepak Soni, chief executive of Optio Group.
“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,” Soni added.
“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,” he said.
“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,” according to Olivier Héger, CEO, Circles Group, who will continue to lead the company.
“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,” Héger said.
Source: Optio Group
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