Ardonagh’s MDS accelerates Spain, LatAm expansion with AIG veteran hire
Ardonagh Group-owned MDS Group has accelerated its expansion in the Latin American and Spanish markets by appointing a former AIG veteran who led its Iberian business for more than a decade and most recently served as reinsurance chief at March Risk Solutions.
MDS Group, the insurance broker and risk management advisor acquired by Ardonagh in December 2022, has appointed Álvaro Mengotti (pictured) as an executive board member.
Mengotti was most recently chief international and reinsurance officer at March Risk Solutions (part of Banca March Group). He previously led AIG Iberia for 12 years where he worked closely with MDS and the Portuguese market and was also a member of the LatAm ExCo in AIG between 2012 and 2016. His career began at Gil y Carvajal and he was a board member of Reliance National Europe.
He has held several roles within trade associations including as a board member of the Spanish Insurance Employers’ Association UNESPA and as vice president of the American Chamber of Commerce in Spain.
At MDS Group, he will work closely with Group CEO José Manuel Fonseca, Group CFO José Diogo Silva and Group COO and Portugal CEO Ricardo Pinto dos Santos to identify growth opportunities across Spain and Latin America.
Since joining Ardonagh, MDS has gone on to build out its platform in the Portuguese-speaking markets as well as diversifying into new territories including Spain, Cyprus and Latin America.
In February, MDS acquired Renaissance, the largest independent broker in Cyprus, and in May, it extended its Latin American footprint beyond Brazil with the acquisition of a majority stake in RSG Corredores de Seguros in Chile, complementing Ardonagh’s presence through Price Forbes.
Fonseca said: "The Latin American and Spanish markets are very relevant to MDS and The Ardonagh Group. Having Álvaro Mengotti on board, given his vast experience, will accelerate our growth in these regions, adding value to the business, our customers, and partners.”
Mengotti, added: "MDS Group stood out among its international peers. I’m excited to join the team and capitalise on the opportunities across the markets where I’ve had the pleasure of working as an insurer, insurance and reinsurance broker.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
