The MDS Group has integrated Marlow Caución Estructurada into its Spanish operations.
Marlow brokers political risk cover, financial structuring, credit insurance and surety insurance for multinational and major companies operating in Spain, Portugal and other international markets.

The deal marks MDS Spain’s fifth integration in 2025 and follows the creation of new units in corporate risks, reinsurance, financial lines and marine insurance.

José Manuel Fonseca, chief executive officer of the MDS Group, said: “The integration of Marlow is an important reinforcement of our activity in a year in which we have completed 12 integrations across the Iberian Peninsula. Marlow’s expertise complements our specialised offering and strengthens the international capability of the MDS Group to meet the challenges of clients operating in demanding sectors. This operation is fully aligned with our growth strategy and strengthens the group’s offering in the Iberian market, which is strategic for the future of MDS.”

Álvaro Mengotti, chief executive officer of MDS Spain, added: “We are proud to welcome a team with Marlow’s technical expertise and international experience. This operation allows us to expand our specialised offering, reinforce our market position, and accelerate the growth of a business we consider absolutely strategic. We continue building a stronger, more diversified MDS – better prepared to meet our clients’ needs.”

The MDS Group operates in 133 countries through Brokerslink and is part of the Ardonagh Group.

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