Álvaro Mengotti has joined the MDS Group, part of The Ardonagh Group, as an executive board member, an appointment that will help accelerate the Group’s Spain and Latin American expansion according to the announcement.
At MDS Group Mengotti 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 these regions.
José Manuel Fonseca, MDS Group CEO, commented: “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 joins MDS Group from March Risk Solutions (part of Banca March Group), where he most recently served as Chief International and Reinsurance Officer.
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.
Mengotti’s career began at Gil y Carvajal and he was a board member of Reliance National Europe. He has also 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.
“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,” said Mengotti.
MDS joined The Ardonagh Group in December 2022 and 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 acquired a majority stake in RSG Corredores de Seguros in Chile.
This last move helped the Group to extend its footprint in Latin America beyond Brazil and complemented Ardonagh’s presence through Price Forbes.
