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MDS accelerates growth in 2022 and consolidates market leadership in Portugal

MDS accelerates growth in 2022 and consolidates market leadership in Portugal

Revenue reaches 50 million Euros in Portugal alone

  • Integration into The Ardonagh Group complete
  • Revenue in Portugal grows once more reaching a historical high of 50 million Euros
  • International growth strategy reinforces presence in Europe and Latin America
  • Global turnover of the MDS Group reaches 110 million Euros

Turnover for the MDS Group in Portugal has climbed to 50 million Euros in 2022, a 17% increase year-on-year, where posted revenue was 42.4 million Euros.

Globally, MDS Group sales totaled 100 million Euros, which represents growth in excess of 33% compared to 2021.

In Portugal, MDS reaches a new historical high during a year shaped by onboarding onto The Ardonagh Group, one of the leading independent insurance distributors in the world.

Over the course of 2022 MDS pursued its national growth strategy both organically and via acquisitions, having brought two new companies into the fold and growing the number of in-country offices to 16.

"2022 is in every way a memorable, history-making year for the MDS Group. We joined The Ardonagh Group and grew our business in Portugal and abroad,” says Ricardo Pinto dos Santos, CEO of MDS Portugal, adding that, this year, "we will pursue our growth strategy taking advantage of consolidation opportunities in the Portuguese insurance distribution market, and keep growing organically, bolstered by the strong value proposition that MDS offers its customers both individual and corporate.”

More than the indisputable market leader in Portugal, MDS has strengthened its leadership in Angola and consolidated its positioning as one of the key players in Brazil. It maintains a presence in Mozambique, Spain, Malta, and Switzerland.

The MDS Group maintains the growth process in 2023 as it acquires a majority stake in Renaissance, the largest independent broker in Cyprus. It has also begun to expand in Latin America outside Brazil as it become the largest shareholder in RSG, one of the leading brokers in Chile.

"Having completed our integration into The Ardonagh Group, MDS positions itself as platform for international growth. Our acquisition-led strategy for growth, which until now had focused on the Portuguese-speaking market, now takes a relevant first step into new geographies with a particular focus on Latin America,” declares MDS Group CEO José Manuel Fonseca.
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