Also actively present in Spain, Angola, Mozambique, Switzerland, and Malta, MDS will operate as part of Ardonagh Global Partners. MDS global chief José Manuel Fonseca (pictured) and his management team will continue to lead the business.
“We see in The Ardonagh Group and its leadership a perfect match for our vision and growth ambitions,” said Fonseca, who cited an “exciting and new chapter” for MDS. “I am convinced that MDS is much stronger from today onwards, with access to Ardonagh’s size and scale and the important resources in specialisation, technology, and capital that come with it.
“In this new chapter, our ambition, which has always been great, will continue to grow, by delivering innovative solutions and the highest levels of service to our customers worldwide.”
Manned by more than 1,000 people, MDS manages in excess of €900 million in insurance premiums for 1.2 million private and corporate clients.
“We have been working with José Manuel and his team over the past months to evolve our future journey of growth and are excited to work with a distinguished and high-profile broking platform like MDS renowned in their chosen territories for strong client service, innovation, and professionalism,” commented Ardonagh Global Partners CEO Des O’Connor.
“We look forward to injecting more resource and capital into the business to become brighter and bolder as they continue to take full advantage of the fast growing and evolving Portuguese and Brazilian insurance markets and economies.”
Globally, MDS also operates through Brokerslink, which oversees a network of brokers and speciality risk and consulting firms in around 130 countries.