Ardonagh to purchase MDS Group – company insurance

The Ardonagh Group Ltd. announced on Thursday that it has agreed to purchase MDS Group, a property / casualty broker and risk management consultant based in Porto, Portugal.

The terms of the deal were not disclosed.

MDS is the largest independent broker in Brazil and approved for the Lloyd & # 39; s of London market, Ardonagh said. The brokerage company also has offices in Angola, Mozambique, Spain and Malta.

With 900 employees, MDS had sales of 74.8 million euros (84.75 million US dollars) for the 12 months ended June 30. The brokerage company manages over 500 million euros in insurance premiums for 1.2 million private and corporate customers.

The management team, led by José Manuel Fonseca, CEO of the MDS Group, will remain with the company.

The acquisition will be funded with a combination of equity and debt, Ardonagh said. MDS is owned by Ardonagh Overseas Investments Ltd. acquired and operated as part of Ardonagh Global Partners.

In addition to its core businesses in property / casualty, health, retail and wholesale brokerage, MDS operates Highdome PCC in Malta, which provides major customers with alternative risk transfer coverage, including self and reinsurance.

MDS also includes the Risk Consulting Group, a multinational risk management consultancy.

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