MDS Brazil, a reinsurance dealer subsidiary of Ardonagh-owned MDS Group, intends to amass D’Or Consultoria, a Brazilian dealer specialising in well being, dental, life insurance coverage and pensions, from insurance coverage firm Rede D’Or Sao Luiz.
The deal is valued at $800m reais($156.2m) and awaits regulatory approvals together with the Administrative Council for Financial Defence (CADE).
Presently, MDS Brazil manages premiums value $4bn reais. The acquisition of D’Or Consultoria is predicted to considerably improve its place within the company advantages section.
D’Or Consultoria brings a portfolio primarily composed of well being plans catering to round 2.5 million customers.
The merged entity is predicted to handle greater than $8bn reais in gross written premiums, positioning it as one in all Brazil’s largest brokers.
MDS Brazil CEO Ariel Couto mentioned: “This transaction marks an thrilling evolution of our regional technique fortifying our footprint, within the Latin American market, with cutting-edge options tailor-made to our shoppers’ wants.
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“The arrival of D’Or’s skilled management crew and proprietary know-how will considerably elevate our advantages and well being proposition. Drawing on their legacy out there and mixing it with our personal, MDS is poised to solidify our place as one of many main brokers in Brazil and Latam.”
Each firms will retain their operational independence till the acquisition is accepted.
Couto will lead the mixed enterprise, whereas the manager crew of D’Or Consultoria, together with CEO Bruno Iannuzzi, will stay to allow service continuity.
MDS mentioned the deal varieties a part of its enlargement technique in Brazil and Latin America, following 12 earlier acquisitions in Brazil and one in Chile over the previous 5 years.
Ardonagh plans to finance the transaction utilizing accessible liquidity.
D’Or Consultoria CEO Bruno Iannuzzi mentioned: “We’re excited to be saying the following chapter for D’Or at this time, one which we imagine will ship long-term worth for our folks, clients and companions.
“The transaction will permit for a differentiated and extra full providing to our shoppers and market normally, whereas contributing for the event of the economic system and the society of 1 the most important economies and insurance coverage markets on this planet.”
Earlier this 12 months, MDS Group named Alvaro Mengotti as an government board member.
Mengotti latterly served because the chief worldwide and reinsurance officer at March Threat Options and beforehand headed AIG Iberia for 12 years.
