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December 24, 2021updated 05 Jan 2022 1:25pm

Ardonagh Group signs deal to buy Portuguese broker MDS

British insurance broker Ardonagh Group has announced plans to acquire Portugal-based insurance broker and risk management provider MDS.

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The announcement comes just a week after Ardonagh secured an equity investment that valued it at $7.5bn.

MDS’ core broking operations span across property and casualty, health, retail, and wholesale market.

Ardonagh noted that MDS is the only Portuguese Lloyd’s broker with operations in Brazil, where it is the country’s largest independent broker, as well as Angola, Mozambique, Spain, and Malta.

In Malta, MDS operates a Highdome PCC, which offers alternative solutions to the traditional insurance market including captive and reinsurance solutions.

It offers risk management services through Risk Consulting Group (RCG).

Ardonagh did not disclose the value of the deal. As per Bloomberg’s report, Ardonagh Global Partners will pay over $268m to Sonae Group and IPLF Holding for MDS’s 100% stake.

Upon the deal completion, which awaits regulatory approval, MDS Group Global CEO José Manuel Fonseca will continue to lead the business as part of Ardonagh Global Partners.

Ardonagh Global Partners CEO Des O’Connor said: “MDS intends to continue taking full advantage of the fast-growing and evolving Portuguese and Brazilian insurance markets and economies. The business is ideally placed to support a broad range of clients to protect against a constantly changing risk environment, and to bring on board other culturally and strategically aligned independent brokers in the geographies in which it operates.”

Porto-headquartered MDS employs 900 people and recorded revenue of €74.8m during the 12 months that ended on 30 June 2021. It manages over €500m in insurance premiums for 1.2 million private and corporate clients annually, Ardonagh added.

Fonseca said: “We are incredibly excited to be joining forces with a global independent group with Ardonagh’s scale and dynamic culture. With access to Ardonagh’s considerable resource and capital, we look forward to accelerating our organic and inorganic growth plans.”

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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