Ardonagh snaps up €45.5m GWP broker in ‘mature and complex’ European market for expansion
UK insurance intermediary Ardonagh Group has snapped up a commercial lines broker in Italy, further expanding its European footprint, building on a series of recent acquisitions in Ireland, the Netherlands, Switzerland, and Greece.
Ardonagh has agreed to acquire Mansutti, the commercial lines business of Italian insurance broker, Mansutti SpA.
The business was founded in Milan in 1925, with the brokerage being led most recently by Tomaso Mansutti. Mansutti offers services across SME lines including liability, property, employee benefits, automotive, and marine, encompassing €45.5 million of gross written premium.
Ardonagh said the deal will help accelerate growth of the group’s European footprint, sitting alongside the recent acquisition Mediass, led by Gianluca Graziani, and reinsurance and MGA business, Teksure.
Completion of the transaction and that of the previously announced Mediass acquisition are subject to customary regulatory approvals.
Conor Brennan, executive chairman of Ardonagh Global Partners, said: "This strategic acquisition emulates our meticulous approach of identifying and welcoming premium, independent and highly coveted insurance brokers across Europe, building on a strategy we have successfully executed in Ireland, the Netherlands, Switzerland and Greece. 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.
Carlo Faina, CEO of Ardonagh Italia, added: "Ardonagh Italia will tap into a wealth of insurance broking excellence via the Mansutti team, and we are looking forward to working with this forward-thinking business to unlock further growth in their next chapter with us. 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."
Mansutti said: "I am delighted to have found a partner of Ardonagh’s calibre and stature to entrust the legacy of Mansutti. Their reputation and global presence will undoubtedly propel our long-standing business to even greater heights.
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
