Ardonagh to buy MDS Group

The Ardonagh Group Ltd. said Thursday it has agreed to buy MDS Group, a property/casualty brokerage and risk management advisor based in Porto, Portugal.

Terms of the deal were not disclosed.

MDS is the largest independent broker in Brazil and is approved to operate in the Lloyd’s of London market, Ardonagh said. The brokerage also has offices in Angola, Mozambique, Spain and Malta.

With 900 employees, MDS recorded revenue of €74.8 million ($84.75 million) in the 12 months ended June 30. The brokerage manages over €500 million in insurance premiums for 1.2 million private and corporate clients.

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

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

In addition to its core property/casualty, health, retail and wholesale broking operations, MDS operates Highdome PCC in Malta, which offers alternative risk transfer coverage, including captives and reinsurance, to large clients.

Risk Consulting Group, a multinational risk management consultancy, is also part of MDS.

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