Ardonagh warps up Italian acquisitions adding €140m+ GWP
Global insurance intermediary Ardonagh Group has completed its previously announced acquisitions in Italy, adding annual gross written premium in excess of €140 million to its business.
Ardonagh Italia, a subsidiary of The Ardonagh Group, has acquired brokers Mediass and Mansutti SpA to cement its presence in Italy.
Based in Pescara and founded in 1996, Mediass provides insurance broker services offering general liability, motor, and PI insurance solutions via 96 local offices and distribution network of over 550 franchisees. It has an annual GWP of €95 million and generated income of €20 million in 2023.
Mansutti S.r.l is the commercial lines broker of Mansutti S.p.A., which was established by the Mansutti family in Milan in 1925. The firm has an annual GWP of €45.5 million across liability, property, employee benefits, automotive, and marine.
Mediass chairman Francesco Pirocchi and chief executive officer (CEO) Gianluca Graziani will continue to lead that business. Mansutti will operate as part of Ardonagh Italia alongside Mediass and Teksure.
Carlo Faina, CEO of Ardonagh Italia, said: “It is my pleasure to formally welcome the Mediass and Mansutti S.r.l teams into Ardonagh Italia, combining their complementary propositions for retail, SME, corporate and public clientele. Operating from our shared platform alongside Teksure, these businesses are poised to grow a compelling offering of breadth and depth, accelerated by the scale and track record of The Ardonagh Group.”
Conor Brennan, executive chairman Ardonagh global partners, added: “The completion of Mediass and Mansutti S.r.l deals heralds the arrival of Ardonagh Italia into the top ten brokers of size in Italy. This newly enhanced Italian outfit is reflective of Ardonagh’s commitment to building in-country platforms across Europe that are powered by best-in-class talent with deeply entrenched relationships with clients and partners.”
Pirocchi commented: “Today we are officially aligning with a partner that shares our values and ambitions as we chart our latest growth path. Ardonagh stands out as a company fully committed to empowering its partners, and its cultural alignment with our own makes this collaboration a strategic fit.”
Graziani said: “We are delighted to be formally joining forces with the substantial resources and scale of Ardonagh, which we will leverage to foster strong international relationships. We look forward to fostering strong global relationships and reinforcing our commitment to colleagues and customers. Working closely with Carlo and his team, I’m excited to contribute to Ardonagh Italia’s strategic vision and foster our successful partnership.”
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