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Ardonagh Acquires Portuguese Insurance Broker MDS.

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MANews-(C)2009-2021

UK-based insurance distribution platform The Ardonagh Group has agreed to acquire Portugal-based insurance broker and risk management advisor MDS Group, which operates across the Portuguese-speaking world and Europe, the group said.

Headquartered in Porto, Portugal, MDS has offices in Brazil, where it is the country's largest independent broker, as well as Angola, Mozambique, Spain, and Malta.

It is the only Portuguese Lloyd's Broker.

MDS employs 900 colleagues and recorded revenue of EUR 74.8 m (GBP 65m) in the 12 months to 30 June 2021.

MDS manages over EUR 500m in insurance premiums for 1.2m private and corporate clients each year.

Ardonagh said it plans to fund the acquisition with a combination of equity and debt. MDS will be acquired by Ardonagh Overseas Investments Ltd and operate as part of Ardonagh Global Partners.

In addition to its core broking operations, spanning property and casualty, health, retail and wholesale, MDS operates Highdome PCC in Malta, offering alternative solutions to the traditional insurance market including captive and reinsurance solutions to large clients.

Completing MDS' offering is Risk Consulting Group, a multinational risk management consultancy.

MDS is also the founding...

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