In a strategic move poised to expand its European footprint, The Ardonagh Group is acquiring independent Italian brokerage Mediass.
The deal, financial terms of which were not disclosed, marks Ardonagh’s first major venture in Italy after Carlo Faina took the helm as chief executive of Ardonagh Italia in November 2022.
Established in 1996 in Pescara within the Abruzzo region, Mediass serves upwards of 120,000 clients spanning public sector entities, small to medium-sized enterprises, large corporations, and retail customers.
Mediass specialises in general liability, motor, and professional indemnity coverages, all supported by an extensive network comprising 96 offices and more than 550 franchise partners. Last year, the company reported a €20 million income.
Upon receipt of the required regulatory approvals, Mediass will operate under the umbrella of Ardonagh Global Partners, specifically within the Ardonagh Italia business.
Francesco Pirocchi and Gianluca Graziani will continue to lead Mediass, maintaining their roles as chairman and CEO, respectively. Graziani will also further augment his involvement by taking on responsibilities at Ardonagh Italia and acquiring a minority stake.
Lifting the lid on the transaction, Ardonagh Global Partners executive chairman Conor Brennan (pictured) 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.”
Echoing the sentiment, Faina shared his excitement about welcoming Mediass and its franchisees to the Ardonagh family, highlighting the broker’s contribution to the wider group’s ambition of becoming a dominant force in Italy’s insurance sector.
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