Ardonagh makes stride in Europe with key Italian acquisition
Global insurance intermediary Ardonagh Group has made a significant acquisition in Italy to further expand its footprint in the European market. The acquired company recorded a profit of €20 million in 2023.
Ardonagh has snapped up independent Italian insurance brokerage Mediass, which is based in Pescara, in the Abruzzo region. Completion of the transaction is subject to regulatory approvals.
Mediass provided insurance broker services to public enterprises, SMEs, large corporates, and retail clients. The broker 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. Mediass was founded in 1996, generating income of €20 million in 2023.
The acquisition of Mediass aims to boost Ardonagh’s growing presence in Europe and heralds its 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 acquired by Ardonagh Italia, part of Ardonagh Global Partners, and continue to be led by chairman Francesco Pirocchi and CEO Gianluca Graziani, supported by its existing management team.
In addition to his role in Mediass, Gianluca will join the Ardonagh Italia team with a minority stake to help support the continued expansion of Ardonagh and distribution of its services in country.
Conor Brennan, executive chairman of Ardonagh Global Partners, said: “The arrival of Mediass is a significant step in our 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.”
Faina added: “I am delighted to welcome Mediass and its extended family of franchise brokers to Ardonagh Italia. We are at their side to support their growth ambitions in the local market, with a clear and precise objective of building our product offering and elevating the customer experience for our clients.
“With the high expertise Gianluca and his team bring and the company's vast geographical reach, Mediass will be a driving force to support us in our mission to become a major player in the Italian insurance market."
Pirocchi commented: “As we reflected on how to continue our growth path, it became clear we needed to join forces with a group that shared our values and ambitions. Ardonagh distinguishes itself as a company fully aligned with our culture and is renowned for its commitment to empowering its partners.”
Graziani added: “I am excited to begin this new collaboration that will extend our presence in the local market and beyond. Armed with Ardonagh's considerable resources and scale, we join them and their international partners to build global relationships and strengthen our commitment to colleagues and customers.
“I am delighted to work closely with Carlo and his team to contribute to Ardonagh Italia's strategy and to nurture our successful partnership.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
