The deal is in line with MDS’s growth strategy in Brazil and Latin America. Credit: fizkes/Shutterstock.

MDS Brasil, a subsidiary of the Ardonagh-owned MDS Group, has announced the completion of its acquisition of D’Or Consultoria. 

The acquired company, which was a unit of Rede D’Or São Luiz, is a broker specialising in health, dental, life insurance and pensions.  

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The transaction, valued at 800m reais (£123m) and announced in May 2024, was financed through available liquidity within Ardonagh. 

It is in line with MDS’s growth strategy in Brazil and Latin America and builds on 12 prior ventures in Brazil and one in Chile over the past five years. 

The combined operations are now set to manage more than £1.2bn ($1.54bn) in gross written premium, which is said to position MDS Brasil as one of the largest brokers in Brazil across various sectors including insurance, reinsurance, benefits management and risk consulting. 

MDS Brasil aims to enhance its value proposition in the health and benefits domain, offering a more comprehensive portfolio to clients from both companies.  

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The integration brings more than 900 employees from D’Or Consultoria into MDS Brasil, which currently has 850 employees.  

This acquisition not only expands MDS Brasil’s client portfolio, predominantly in the benefits segment, but also boosts its talent pool and technological resources, creating an opportunity to develop differentiated products and services for the Brazilian market, Ardonagh said. 

Ariel Couto, CEO of MDS Brasil, will lead the combined operation with the executive teams from both companies to ensure service continuity and business growth.  

MDS Group CEO Jose Manuel Fonseca said: “We are delighted to announce the completion of the acquisition of D’Or Consultoria by MDS Brasil, a historic moment for us, which consolidates our position as one of the largest brokers in the Brazilian market and boosts the Brazilian strategy for the MDS and the Ardonagh Group.  

“The integration of both teams will promote the exchange of knowledge and experience, enhancing the quality of our solutions and customer service.” 

In a separate development, Geo Underwriting, part of Ardonagh Advisory, announced last week its plans to acquire marine insurance provider Navigators & General from Zurich UK.