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The Ardonagh Group, the London-based independent insurance distribution platform, announced it has agreed to acquire Mediass, an independent Italian insurance broker company.

Financial details of the deal were not disclosed.

Based in Pescara, in the Abruzzo region, Mediass serves more than 120,000 customers, providing insurance broker services to public enterprises, SMEs, large corporates, and retail clients. The broker offers general liability, motor, and professional indemnity (PI) insurance solutions via 96 local offices across a broad Italian footprint, as well as a distribution network of over 550 franchisees.

Mediass was founded in 1996, generating income of €20 million (US$21.7 million) in 2023.

The acquisition of Mediass boosts Ardonagh’s growing presence in Europe and heralds its first significant acquisition in Italy following the arrival of the Ardonagh Italia CEO Carlo Faina, who joined in November 2022 from Berkshire Hathaway where he led the country’s reinsurance operations since 2010.

Mediass will be acquired by Ardonagh Italia, part of Ardonagh Global Partners, and continue to be led by Chairman Francesco Pirocchi and CEO Gianluca Graziani, supported by their existing management team.

In addition to his role in Mediass, Graziani will join the Ardonagh Italia team with a minority stake to help support the continued expansion of Ardonagh and distribution of its services in country.

“The arrival of Mediass is a significant step in our European strategy, with Italy playing a key role given the size of its insurance market and level of complexity,” commented Conor Brennan, executive chairman of Ardonagh Global Partners.

“Mediass’ impressive network of distributors creates exceptional potential for significant organic growth, and we look forward to developing our partnership to help our new colleagues achieve their ambitions,” Brennan added.

“As we reflected on how to continue our growth path, it became clear we needed to join forces with a group that shared our values and ambitions. Ardonagh distinguishes itself as a company fully aligned with our culture and is renowned for its commitment to empowering its partners,” said Pirocchi.

“I am excited to begin this new collaboration that will extend our presence in the local market and beyond. Armed with Ardonagh’s considerable resources and scale, we join them and their international partners to build global relationships and strengthen our commitment to colleagues and customers,” according to Graziani.

Completion of the transaction is subject to customary regulatory approvals.

Ardonagh Global Partners is Ardonagh’s platform for growth outside the UK. Beginning in 2020 with the acquisition of Arachas, the Republic of Ireland’s largest commercial insurance broker, the platform has continued to grow its European footprint in Portugal, the Netherlands, Greece, Germany, Italy, Spain, France, Cyprus, Malta, alongside international locations of Australia, Brazil, Angola and Mozambique. Ardonagh Global Partners invests in local independent advisory and specialist platforms, partnering with management to drive their growth ambitions.

Source: Ardonagh Group

Topics Mergers & Acquisitions Agencies