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UK’s Ardonagh to Purchase Impartial Italian Insurance coverage Dealer Mediass

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The Ardonagh Group, the London-based unbiased insurance coverage distribution platform, introduced it has agreed to amass Mediass, an unbiased Italian insurance coverage dealer firm.

Monetary particulars of the deal weren’t disclosed.

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Primarily based in Pescara, within the Abruzzo area, Mediass serves greater than 120,000 prospects, offering insurance coverage dealer providers to public enterprises, SMEs, massive corporates, and retail purchasers. The dealer provides common legal responsibility, motor, {and professional} indemnity (PI) insurance coverage options through 96 native workplaces throughout a broad Italian footprint, in addition to a distribution community of over 550 franchisees.

Mediass was based in 1996, producing earnings of €20 million (US$21.7 million) in 2023.

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

Mediass will likely be acquired by Ardonagh Italia, a part of Ardonagh International Companions, and proceed to be led by Chairman Francesco Pirocchi and CEO Gianluca Graziani, supported by their present administration crew.

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Along with his position in Mediass, Graziani will be part of the Ardonagh Italia crew with a minority stake to assist assist the continued growth of Ardonagh and distribution of its providers in nation.

“The arrival of Mediass is a big step in our European technique, with Italy enjoying a key position given the scale of its insurance coverage market and degree of complexity,” commented Conor Brennan, govt chairman of Ardonagh International Companions.

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“Mediass’ spectacular community of distributors creates distinctive potential for important natural development, and we stay up for growing our partnership to assist our new colleagues obtain their ambitions,” Brennan added.

“As we mirrored on the best way to proceed our development path, it turned clear we would have liked to affix forces with a bunch that shared our values and ambitions. Ardonagh distinguishes itself as an organization absolutely aligned with our tradition and is famend for its dedication to empowering its companions,” mentioned Pirocchi.

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“I’m excited to start this new collaboration that can lengthen our presence within the native market and past. Armed with Ardonagh’s appreciable sources and scale, we be part of them and their worldwide companions to construct world relationships and strengthen our dedication to colleagues and prospects,” in response to Graziani.

Completion of the transaction is topic to customary regulatory approvals.

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Ardonagh International Companions is Ardonagh’s platform for development outdoors the UK. Starting in 2020 with the acquisition of Arachas, the Republic of Eire’s largest business insurance coverage dealer, the platform has continued to develop its European footprint in Portugal, the Netherlands, Greece, Germany, Italy, Spain, France, Cyprus, Malta, alongside worldwide areas of Australia, Brazil, Angola and Mozambique. Ardonagh International Companions invests in native unbiased advisory and specialist platforms, partnering with administration to drive their development ambitions.

Supply: Ardonagh Group

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