The Ardonagh Group, the London-based insurance distribution platform, announced it has agreed to acquire Mansutti S.r.l, the commercial lines business of Italian insurance broker, Mansutti SpA.
Financial details of the deal were not disclosed.
Founded in 1925, Mansutti SpA, which primarily services personal lines customers and larger corporate entities, has been run by the Mansutti family for nearly a century and is currently led by Tomaso Mansutti. It is part of Berlin-based insurtech Wefox Group.
Mansutti S.r.l services 8,000 customers across SME commercial lines, including liability, property, employee benefits, automotive, and marine, encompassing €45.5 million (US$48.8 million) of gross written premium.
The Mansutti S.r.l team of 30 will continue to support their client base and contribute to the growth of the Ardonagh’s European footprint, sitting alongside the recently announced acquisition of Mediass, led by Gianluca Graziani, and reinsurance and MGA business, Teksure.
“With the addition of Mansutti, alongside Mediass and Teksure, we are curating a team of top-tier experts and accelerating the diversification of our proposition, distinguishing Ardonagh Italia as the quality broking platform of choice in this mature and complex market,” commented Conor Brennan, executive chairman of Ardonagh Global Partners.
“This partnership presents immense opportunities to harness Ardonagh’s scale and capability to create a robust ecosystem of diverse geographical regions and products, reinforcing our commitment to meeting the diverse needs of businesses in Italy,” said Carlo Faina, CEO of Ardonagh Italia.
Completion of this transaction and that of the previously announced Mediass acquisition are subject to customary regulatory approvals.
The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. 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.
Source: Ardonagh Group
Topics Mergers & Acquisitions Commercial Lines Business Å˽ðÁ«´«Ã½Ó³»
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