Iberian and Latin American broker MDS Holdings has acquired broker Quorum Saude, Seguros e Previdência and has appointed its founder Hélio Novaes as CEO of its Brazilian operations.
“Quorum is a well known multi-line broker in the Brazilian market with headquarters based in Sao Paulo and an office in Rio de Janeiro,” the bulletin noted. “Its acquisition has increased MDS Brazil’s insurance premium income to R$ 800 million [US$466 million], strengthening its position as 3rd biggest broker in the Brazilian market.
“Integration into MDS Brazil is also expected to significantly contribute to the development of MDS’ fast growing operations in the country. The number of people employed by MDS in Brazil now stands at 534, who are based in 12 offices located in six states.
Novaes began his career in risk management at Brazilian insurer Sul America Seguros after completing a degree in Engineering in 1975. He quickly moved to more commercially driven roles linked mainly with brokerage activities, including the development of partnerships with banks and other Brazilian institutions. In 1996, he became Vice-President of Marketing and Production before taking the role of Executive Vice-president following the integration ING and Sul America. In 2006 he decided to make a career shift and set up his own brokerage firm – Quorum Saúde, Seguros e Previdência.
José Manuel Fonseca, MDS’s Chairman commented: “Hiring Hélio as CEO of MDS Brazil and acquiring Quorum confirms our commitment to the Latin America market and ambition to become a leader in the international brokerage and risk management industry.
“We believe his extensive experience and strong reputation in the Brazilian market will most certainly contribute to the further development of MDS Holdings by generating new growth opportunities and adding value for our clients and partners.”
Hélio Novais, CEO of MDS Brazil added: “I am delighted to have joined the MDS team following the acquisition of Quorum. The benefits of working together will most certainly be translated into growth and consolidation of the company’s position in the Brazilian market.”
Source: MDS Holdings
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