Optio Group has completed its acquisition of Luxembourg-based managing general agent (MGA) Circles Group, further consolidating its position in the European specialty insurance market.
The deal, first announced in October 2024, has now received all necessary regulatory approvals.
Founded in 2001, Circles Group is one of Europe’s largest MGAs in film and live event insurance, underwriting more than 100,000 productions and events to date. It currently manages over €50 million in gross written premium across a portfolio that includes contingency, fine art, jewellery, equine and other specialist lines.
The acquisition adds further depth to Optio’s capabilities in complex and high-value risk sectors and follows a string of strategic moves aimed at building a diversified multi-line platform. Circles also brings proprietary digital underwriting and claims technology, which Optio says will enhance its existing infrastructure and support scalable delivery of tailored solutions.
Circles joins several recent additions to the Optio portfolio, including Netherlands- and Brussels-based Den Hartigh, Norway’s S Insurance and Italian MGA Heca S.r.l., in which Optio holds a strategic investment.
The group also completed the acquisition of UK-based MGA Custodian Management, announced in May 2025 and finalised following regulatory approval. Custodian, founded in 2013 by managing director Zahid Naqvi, specialises in professional indemnity and management liability products.
The Circles acquisition is also a timely move amid shifting dynamics in contingency and entertainment-related insurance. As some traditional carriers retrench from higher-risk or lower-margin segments, Optio sees an opportunity to expand its reach in areas requiring specialist underwriting expertise and technology-led service models.
The terms of both transactions were not disclosed.
