Managing general agent Optio Group has acquired Luxembourg-based Circles Group. It is also an MGA and specialises in contingency and special risks insurance. It controls more than £40m in gross written premium. Following the deal, which is subject to regulatory approval, the Circles office will become Optio’s European headquarters.

Deepak Soni (pictured), chief executive of Optio Group, said: “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.

“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.”

Olivier Héger, CEO of Circles Group, 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.”