Ardonagh Group Ltd. said on Thursday that they have agreed to buy MDS Group, an advisor for real estate / accident management and risk management based in Porto, Portugal.
The terms of the deal were not revealed.
MDS is the largest independent broker in Brazil and is approved to operate in the Lloyd & # 39 ;s of London market, said Ardonagh. The brokerage also has offices in Angola, Mozambique, Spain and Malta.
With 900 employees, MDS recorded revenues of € 74.8 million ($ 84.75 million) during the 12 months ended June 30. Mäklarhuset handles more than EUR 500 million in insurance premiums for 1.2 million private and corporate customers.
The management team, led by MDS Group Global CEO José Manuel Fonseca, will remain in the business.
The acquisition will be financed with a combination of equity and liabilities, Ardonagh said. MDS will be acquired by Ardonagh Overseas Investments Ltd. and operates as part of Ardonagh Global Partners.
In addition to its core business of property / accident, healthcare, retail and wholesale brokerage, MDS Highdome operates PCC in Malta, which offers alternative risks transferring coverage, including captives and reinsurance, to large clients.
Risk Consulting Group, a multinational risk management consulting firm, is also part of MDS.