MDS Brazil, a unit of Portuguese broker MDS, has announced the acquisition of Brokers for an undisclosed sum.
The acquired firm is an insurance intermediary specialising in the benefits sector with a focus on the medium-sized companies’ market.
Brokers, which is a boutique consultancy offering bespoke solutions, has been operating in the market for 32 years.
Its portfolio comprises more than 120,000 customers with approximately R$280m in premiums.
MDS Brazil CEO Ariel Couto said: “The acquisition reinforces our health and benefits business unit and consolidates us among the largest brokerages in this segment. In addition to a highly qualified team, Brokers adds strong knowledge and experience in managing clients in the middle segment – which is strategic for us.
“Although it also has businesses in equity risks, financial risk liabilities, its portfolio is mostly made up of customers in the benefits segment who now have access to all our products and services. It is an initiative that, like the others, aims to make the company better, not just bigger.”
Brokers’ existing management team, led by main partners Marcelo Schaimberg, Ricardo J. Levyand, and Paulo Chut will continue to lead the company’s operations.
According to Chut “the MDS Group has a lot to add to the operation of Brokers and its customers and employees, since customers will have an even greater range of products and services at their disposal and Brokers employees will now have more opportunities to their professional development and growth.”
Early this month, MDS was acquired by UK-based insurance broker Ardonagh Group.