Portuguese insurance broker expands to Mozambique and Cabo Verde

3 July 2014

MDS, the insurance brokerage of Portuguese group Sonae, plans to expand this year to Mozambique and Cabo Verde (Cape Verde), after setting up a company in Angola in 2013 and operating since 2002 in Brazil, the company’s chief executive said.

Dias da Fonseca told Portuguese financial daily, Diário Económico that the project to expand further into Portuguese-speaking African markets “is immediate” and that aim “is to be a benchmark brokerage,” not only to support Portuguese companies in those countries but also to “internationalise the economy” of those markets.

MDS, which last year posted revenues of 51 million euros, is the Portuguese leader in its sector, is in the “top three” in Brazil and plans to achieve this level in Angola this year.

MDS is also part of Brokerslink, a worldwide network of brokers that share their business knowledge that was set up in 2004 after Dias da Fonseca set a challenge for international partners to set up such a network.

According to the MDS CEO, “Brokerslink is perhaps the most important network in the world, generating US$15 billion in premiums and is present in over 100 countries.” (macauhub/PT/MZ/CV)