MDS Brazil, part of The Ardonagh Group, to acquire Brazilian D’Or Consultoria

17 May, 2024 |Global Partners | M&A

MDS Brazil, a subsidiary of Ardonagh-owned MDS Group (“MDS”) and one of the country's major brokers in the insurance, reinsurance, benefits management and risk consulting segments, today announces it intends to acquire D'Or Consultoria (“D’Or”), a health, dental, life insurance and pensions broker from Rede D’Or Sao Luiz. S.A. (“Rede D’Or”).

The transaction, which has a consideration of R$800 million (£123 million) according to a Relevant Fact published by the seller, is subject to approval by the Administrative Council for Economic Defense (CADE), including the granting of all regulatory approvals. Ardonagh intends to fund the acquisition via the Group’s available liquidity.

Upon completion of the acquisition, Ariel Couto, CEO of MDS Brazil, will lead the joint operation. The D’Or Consultoria Executive team, led by CEO Bruno Iannuzzi, will remain with the company, ensuring continuity of service to current customers and the continued growth of the business.

MDS Brazil currently manages around R$4 billion (£0.62 billion) in premium and with the future incorporation of D'Or Consultoria will be one of the major players in the corporate benefits segment.

D'Or Consultoria has a portfolio of primarily health plans, serving approximately 2.5 million users. The combined operation will manage more than R$8 billion (£1.3 billion) in gross written premiums, creating one of the largest brokers in Brazil, at the forefront of risk management and consultancy for the local market. Until regulatory approval is obtained, the companies continue to operate independently.

The acquisition is part of MDS' expansion plan in Brazil and Latin America, adding to 12 acquisitions carried out in the country and one in Chile in the last five years.

Commenting on the announcement, Jose Manuel Fonseca, CEO of MDS Group, said: “I am thrilled to welcome this exceptional team of benefits experts into MDS. Their deep industry knowledge and commitment to service excellence combined with the scale of MDS globally will unlock many new opportunities to deliver value to our customers in Brazil."

Ariel Couto, CEO of MDS Brazil, said: “This transaction marks an exciting evolution of our regional strategy fortifying our footprint, in the Latin American market, with cutting-edge solutions tailored to our clients’ needs. The arrival of D’Or’s experienced leadership team and proprietary technology will significantly elevate our benefits and health proposition. Drawing on their legacy in the market and combining it with our own, MDS is poised to solidify our position as one of the leading brokers in Brazil and Latam."

Bruno Iannuzzi, CEO of D’Or Consultoria added: “We are excited to be announcing the next chapter for D’Or today, one which we believe will deliver long term value for our people, customers and partners. The transaction will allow for a differentiated and more complete offering to our clients and market in general, while contributing for the development of the economy and the society of one the biggest economies and insurance markets in the world”.



For more information, please contact:

Powerscourt (UK and rest of world)

Siobhan McCluskey / +44 (0)77 9561 1179

MDS Group (Portugal and Brazil)

Rodrigo Esteves




The Ardonagh Group is one of the world’s largest independent insurance distribution platforms and a top 20 global broker. We are a collection of best-in-class entrepreneurial and specialist brands with a combined workforce of over 10,000 colleagues and a network spanning 200+ locations in more than 30 countries. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain globally. 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.


Part of The Ardonagh Group, MDS is a multinational insurance and reinsurance brokerage, risk consultancy and benefits management group. It is a market leader in Portugal, among the largest in Brazil and also present in Angola, Mozambique, Spain, Chile and Cyprus. Worldwide, the corporation operates through Brokerslink – a company founded by the group and which manages a network of brokers present in around 130 countries, totaling around 25,000 insurance professionals. In reinsurance, the organization operates in Brazil, Portugal and Africa under the MDS RE brand and in Chile through RSG. RCG - Risk Consulting Group is the reference organization in risk analysis, loss control, business continuity plans and Enterprise Risk Management. Through HighDome, a Protected Cell Company (PCC), the group offers alternative risk transfer solutions to the traditional insurance market.


Brokerage company of the Rede D’Or Sao Luiz. S.A. group specialized in benefits. Founded in 2015 with a total commitment to innovation, D'Or Consultoria serves more than 3,400 clients, managing approximately 2.5 million users, within its six branches: São Paulo, Rio de Janeiro, Bahia, Minas Gerais, Paraná, and Pernambuco. And soon it will be in other states, moving over R$4 billion in premiums annually with the largest health insurers in the Brazilian market.


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