Optio Group has completed the acquisition of Circles Group, a Luxembourg-based managing general agent (MGA) specialising in special risks insurance.  

The transaction, announced in October 2024, has now cleared all regulatory hurdles. 

Established in 2001, Circles Group operates in the European insurance market, particularly in the cinema and live performance sectors.  

The company has recorded more than €50m ($58.43m) in premiums and has insured more than 100,000 films and events so far.  

The group’s expertise extends to areas such as events, fine art, jewellery and equine insurance. 

With the integration of Circles Group, Optio anticipates enhancement of its product offerings and a stronger foothold in the European market.  

The announcement also highlighted that Circles Group will now serve as Optio’s regional base in Europe.  

At the time of deal announcement, Optio CEO Deepak Soni 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.”  

Circle Group CEO Olivier 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.”   

In May, Optio also completed the acquisition of UK-based MGA Custodian Management.  

Optio’s portfolio has grown through a series of acquisitions including those of Netherlands and Brussels-based MGA  Den Hartigh Beheer & Exploitatie,  Norwegian MGA S Insurance in Norway and an investment in Heca, an Italian MGA.