UK based Ardonagh Group has today announced a deal to buy independent Italian insurance broker company Mediass for an undisclosed sum.
Based in Pescara, in the Abruzzo region of Italy, Mediass serves more than 120,000 customers, providing insurance broker services to public enterprises, SMEs, large corporates, and retail clients.
It offers general liability, motor, and PI insurance solutions via 96 local offices across a broad Italian footprint, as well as a distribution network of over 550 franchisees.
Founded in 1996, the company generated income of €20m for 2023.
Today's deal boosts Ardonagh's growing presence in Europe.
It also marks the company's 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 bought by Ardonagh Italia, part of Ardonagh Global Partners, and will continue to be led by Chairman Francesco Pirocchi and CEO Gianluca Graziani, supported by their existing management team.
The executive chairman of Ardonagh Global Partners, Conor Brennan, said the arrival of Mediass is a significant step in the company's European strategy, with Italy playing a key role given the size of its insurance market and level of complexity.
"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," he added.
Ardonagh is represented in Ireland by Arachas, the country's largest nationwide Insurance broker with over 700 employees at 16 offices located throughout the country.
