The Ardonagh Group has agreed to acquire MDS Group, an insurance broker and risk management advisor across Europe and the Portuguese speaking world.
The firm is headquartered in Porto, Portugal with offices in Brazil, Angola, Mozambique, Spain and Malta. MDS offer core broking services including property & casualty, health, retail and wholesale. The firm employs 900 colleagues and recorded annual revenue of 74.8 million euros in 2021 while managing over 500 million euros in insurance premiums.
“Having considered our future very carefully, we saw in The Ardonagh Group and its leadership a perfect match for our vision and growth ambitions,” added José Manuel Fonseca, MDS CEO. “We are incredibly excited to be joining forces with a global independent group with Ardonagh’s scale and dynamic culture.”
“We launched Ardonagh Global Partners at the start of the year to offer a home for businesses and management teams across the globe which want to plug into our commercial capabilities and resources, whilst maintaining the client service and culture that made them successful in the first place,” commented David Ross, Ardonagh CEO. “We welcome José Manuel Fonseca and his global colleagues as an embodiment of just that and look forward to helping bring more products, connectivity and buying power to their clients.”