The MDS Group, a Portuguese multinational leader in insurance and reinsurance brokerage, risk consulting and employee benefits, has acquired, subject to regulatory completion, Renaissance Insurance Brokers, the largest independent broker in Cyprus, specialized in risk management, corporate risks and employee benefits.
The acquisition of Renaissance underlines the growth strategy of the MDS Group, part of Ardonagh Global Partners, and enters a new geography, reinforcing its value offer and integrating into its portfolio a leading company that, since its foundation in 2008, has distinguished itself as an innovation engine in the Cypriot market in its sector.
The relationship between MDS and Renaissance goes back a long way, as the latter is a member of Brokerslink, the global brokerage company founded by the MDS Group, present in over 130 countries. The synergies between the two entities were made for a beneficial partnership. The Renaissance management teams will continue leading the company and operating as normal.
"With the acquisition of Renaissance, the MDS Group continues to position itself as an international growth platform. Our acquisitions strategy, until now has mainly focused on the Portuguese-speaking market and takes a relevant first step towards new geographies, in particular focused on LATAM and Africa going forward”, says the CEO of the MDS Group, José Manuel Fonseca.
"We are very excited to open a new chapter for Renaissance. We strongly believe that MDS is the right partner for our growth ambition, a new home that will allow us to continue reinventing the insurance market in Cyprus and providing our clients with the best expertise and products in the areas of risk management, corporate risks and employee benefits”, stresses the Managing Broker and founder of Renaissance, Christos Gavriel.
In 2022, Renaissance's revenue reached 1.8 million euros, and has been growing at double digits in the last four years, despite the pandemic context, in counter-cycle with the local market.
