Ardonagh Group completes acquisition of MDS Group

02 December, 2022 |Global Partners | M&A

The Ardonagh Group today announces that, further to the announcement on 23 December 2021, its subsidiary Ardonagh Overseas Investments Limited has completed its acquisition of MDS Group (“MDS”), a leading insurance broker and risk management advisor across the Portuguese-speaking world and Europe.

Founded over 35 years ago, MDS is headquartered in Porto, and has offices in Lisbon and 13 other locations in Portugal. It is also present in Brazil, where it is the country’s largest independent broker, as well as Angola, Mozambique, Spain, Switzerland, and Malta. It is the only Portuguese Lloyd’s Broker.

MDS employs over 1,000 colleagues, managing over €900 million in insurance premiums for 1.2 million private and corporate clients each year.

MDS will operate as part of Ardonagh Global Partners, launched in January 2021 to invest in best-in-class businesses and management teams around the world and in turn support their growth ambitions.

In addition to its core broking operations, spanning property & casualty, health, retail and wholesale, MDS operates HighDome PCC in Malta, offering sophisticated alternative solutions to the traditional insurance market including captive and reinsurance solutions to large clients. Completing MDS’ offering is Risk Consulting Group (RCG), a multinational risk management consultancy, and MDS Reinsurance Solutions, a specialist business focused on designing and sourcing reinsurance brokerage solutions.

MDS is also the founding member and a shareholder of Brokerslink, a global broking company that brings together market-leading, independent brokers from 130 countries and supports them with world-class, risk management and insurance services.

The management team led by MDS Group Global CEO, José Manuel Fonseca will remain with the business and continue to lead an expansive growth plan in all the MDS territories.

José Manuel Fonseca commented: “Today’s announcement marks an exciting and new chapter for MDS, we see in The Ardonagh Group and its leadership a perfect match for our vision and growth ambitions. 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.”

Ardonagh Global Partners CEO Des O’Connor commented: “We have been working with Jose’ 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. 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.


Notes to Editors


The Ardonagh Group is one of the world’s leading independent insurance distribution platforms. We are collection of best-in-class entrepreneurial and specialist brands with a network of more 150 locations and a combined workforce of more than 9,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs.   


MDS Group began in Portugal over 35 years ago.  Today is a global company, with active presence in seven countries – Portugal, Brazil, Spain, Angola, Mozambique, Switzerland, and Malta.  Their expertise focusses on specialisation and knowledge, on an international network, on people and on technology.

As the only Portuguese-speaking Lloyd's broker, MDS has direct access to the world's largest specialized insurance market, which brings together some of the best professionals in the emerging and complex risks fields.  MDS Group also operates around the world through Brokerslink, a global broking company, founded by MDS in 2004. Brokerslink manages a network of brokers and speciality risk and consulting firms located in around 130 countries.

MDS have built a global company, innovating in processes and investing in multi-specialisation. MDS prides itself on focusing itself on determination to take them further, being the trusted advisor of thousands of companies and private customers, who entrust them with the management of their insurance and risks.

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