Specialty MGA Optio has expanded its European foothold with the acquisition of the Circles Group (Circles).
Monetary particulars of the transaction weren’t shared.
Based mostly in Luxembourg, Circles is an MGA centered on providing particular dangers and contingency insurance coverage options.
Producing greater than €50m ($55.16m) in premiums, Circles is reputed to be one of many main insurance coverage firms working within the cinema and stay performances strains of enterprise.
The corporate is alleged to have insured greater than 100,000 movies and occasions since its inception in 2001.
Moreover providing options for tv and movie manufacturing, Circles gives insurance coverage cowl for equine, occasions, advantageous artwork and jewelry.
Entry probably the most complete Firm Profiles
available on the market, powered by GlobalData. Save hours of analysis. Achieve aggressive edge.
Firm Profile – free
pattern
Thanks!
Your obtain electronic mail will arrive shortly
We’re assured concerning the
distinctive
high quality of our Firm Profiles. Nonetheless, we would like you to take advantage of
helpful
determination for your enterprise, so we provide a free pattern which you can obtain by
submitting the beneath type
By GlobalData
The corporate leverages a proprietary distribution know-how and has operations in Brazil, Hong Kong and Singapore.
For Optio, the deal is predicted to develop its portfolio and lay the muse for development and acquisitions throughout Europe.
Optio mentioned this deal represents its largest in Europe and that Circle will turn into its headquarters within the area.
As a part of the settlement, Optio will retain all Circle workers and the latter’s CEO, Olivier Héger, will stay on the helm of the enterprise in Europe.
The transaction at present awaits regulatory clearance.
Optio CEO Deepak Soni mentioned: “I’m delighted to announce our acquisition of the Circles Group and to welcome Olivier and his crew to Optio. Over the previous 20 years, Circles has steadily grown right into a powerhouse in occasions and movie insurance coverage. It additionally boasts a few of the greatest distribution know-how we’ve seen, as a significant a part of sustaining the deep relationships it has cultivated with brokers throughout that point.
“This newest acquisition marks one other important step ahead for our European development technique of buying entrepreneur-led, technologically superior, progressive MGA companies, with a robust confirmed observe report of success. Now we have a number of acquisitions lined up supporting this technique, with extra to comply with.”
Héger mentioned: “Optio and Circles Group share extremely complementary cultures, values and ability units, which mixed creates the depth of experience wanted to reply to the more and more international, advanced and extremely subtle calls for of shoppers.
“This can even considerably strengthen each firms in reaching their strategic goals; for Optio, growth into Europe, and for us, a deeper reference to London, the house of insurance coverage.”
In July this 12 months, Optio introduced the acquisition of Den Hartigh Beheer & Exploitatie, a B2B-focused MGA.
