Optio buys European film and events MGA Circles

Optio Group has announced it has acquired Luxembourg-based Circles Group for an undisclosed sum, subject to regulatory approval.

The acquisition of fellow managing general agent (MGA) Circles is Optio’s largest in Europe to date.

Optio said it “represented “a strategically critical development” in its international expansion, with the Circles Group set to become Optio’s European headquarters.

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

With over €50m gross premium, it is one of the largest insurance companies of cinema and live performances in Europe, insuring over 100,000 films and events to date.

Circles also includes events, fine art, jewellery and equine insurance, and uses proprietary distribution technology to connect and maintain relationships with its global broker network, establishing a presence in Hong Kong, Singapore and Brazil.

Optio said the acquisition would broaden its product portfolio and provides a “strategic foothold that will continue to drive growth and further acquisitions across Europe, as part of Optio’s hub and spoke expansion model”.

All staff will remain and the founder and CEO Olivier Héger will continue to lead the business, Optio added.

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

“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.

Héger 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.”