Specialty MGA Optio has expanded its European foothold with the acquisition of the Circles Group (Circles).
Financial details of the transaction were not shared.
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Based in Luxembourg, Circles is an MGA focused on offering special risks and contingency insurance solutions.
Generating more than €50m ($55.16m) in premiums, Circles is reputed to be one of the leading insurance companies operating in the cinema and live performances lines of business.
The company is said to have insured more than 100,000 films and events since its inception in 2001.
Besides offering solutions for television and film production, Circles offers insurance cover for equine, events, fine art and jewellery.
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By GlobalDataThe company leverages a proprietary distribution technology and has operations in Brazil, Hong Kong and Singapore.
For Optio, the deal is expected to expand its portfolio and lay the foundation for growth and acquisitions across Europe.
Optio said this deal represents its largest in Europe and that Circle will become its headquarters in the region.
As part of the agreement, Optio will retain all Circle employees and the latter’s CEO, Olivier Héger, will remain at the helm of the business in Europe.
The transaction currently awaits regulatory clearance.
Optio CEO Deepak Soni said: “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 have 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.”
Héger said: “Optio and Circles Group share highly complementary cultures, values and skill sets, 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.”
In July this year, Optio announced the acquisition of Den Hartigh Beheer & Exploitatie, a B2B-focused MGA.
