By Brazil Stock Guide — MDS Corretora and Galapagos Capital have entered into a partnership to expand insurance distribution to clients of the Brazilian financial services group, which manages more than R$40 billion ($7.4 billion) in assets. The agreement establishes a co-brokerage arrangement under which the two companies will share the financial results of the business.
Under the agreement, GLPG Capital Corretora de Seguros, a Galapagos subsidiary, will be responsible for sales and client relationships, while MDS will manage technical and operational activities. The arrangement will allow Galapagos to broaden its insurance offering without having to build a comparable in-house operating infrastructure.
Owned by the UK’s Ardonagh Group, MDS reported pro forma consolidated revenue of €260 million in 2025, with €3.3 billion in insurance premiums under management. Brazil is its largest market, with projected revenue of €140 million for that year, according to estimates released by management in November 2025. MDS strengthened its presence in the country through the R$800 million acquisition of D’Or Consultoria in 2024.
Founded in 2019, Galapagos Capital operates across asset management, wealth management and investment banking, serving more than 50,000 investors. The partnership with MDS is designed to broaden the range of financial services available to its client base and strengthen its insurance distribution business, which remains a relatively small part of the group’s operations.
The agreement has a term of more than two years and provides for the sharing of risks and financial results. Documents submitted to Brazil’s antitrust regulator, the Administrative Council for Economic Defense (Cade), also refer to an exclusivity agreement signed in August between MDS and Galapagos Wealth Management. The regulator cleared the transaction without conditions last week.
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