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After gaining substantial experience as a project engineer at Vallourec and as an operational manager at Petrobras in Brazil, Gabriel Ronacher harbored aspirations of entrepreneurship, yet hesitated at the notion of starting from scratch. In pursuit of a strategic pathway, he enrolled in an MBA program in Cambridge, UK. It was during his academic journey that he encountered the Search Fund model in a seminar conducted by Simon Webster. This insight marked a pivotal moment for him; he was captivated by the model, realizing that acquiring an existing business to lead as CEO was a logical step, despite his lack of experience in mergers and acquisitions. Consequently, towards the end of his MBA, he immersed himself in the private equity sector in the UK and established Arco Capital.
In February 2020, Ronacher returned to Brazil and began his search journey from home, adapting to the new realities imposed by the COVID-19 pandemic. He embarked on an extensive exploration of the SMEs landscape in Brazil, screening over 1,400 companies and engaging with more than 400 different businesses.
His journey led him to Agger, a leading SaaS business in the insurance rating sector. The acquisition was supported by 18 investors, including Simon Webster, AIJ Global, Rafael Ruiz, and Brazilian entities like Kviv Ventures, KYR Capital, and TMB3, elevating him to the position of CEO. By the end of 2021, Agger was achieving a turnover of $3M and an EBITDA of $1M with 45 employees.
Established three decades ago, Agger has risen to become Brazil’s leading insurance management and rating platform. It pioneers in bridging brokers, policyholders, and insurers, thereby transforming the insurance distribution landscape in Brazil. With a network exceeding 10,000 brokers, Agger processes over 30 million insurance quotes monthly. Currently, 4 out of every 10 car insurance policies in Brazil are quoted using Agger’s solutions.
The company’s flagship product, Aggilizador, seamlessly integrates with a diverse range of insurance products across 14 insurance lines and 35 insurers nationwide, encompassing all main insurance carriers operating in Brazil. It enables brokers to obtain multiple quotes from various insurers swiftly, accurately, and in an understandable format.
In less than three years, Gabriel Ronacher has significantly advanced the company’s growth, driven by two key factors: the surge in the number of insurance brokers in Brazil and the increasing software penetration within the insurance broker space, currently at about 80%. During this transformative period, Ronacher refined the company’s structure through improved corporate governance and the initiation of financial, marketing, and human resources departments. Additionally, the company underwent a significant rebranding, adopting a more modern brand that aligns closely with its culture and goals. These strategic changes have not only enabled Agger’s sustainable growth of approximately 70% but also facilitated the development of new product lines and services, further solidifying its market position.
In a recent strategic move, Agger acquired its competitor, Infocap, a dominant player in the southern region, thereby bolstering its market presence. Now, over 20% of all insurance transactions in Brazil are processed through its platform. This acquisition has expanded Agger’s broker network by 25%, adding 2,500 brokers to its clientele. Looking ahead, Agger is on a mission to revolutionize insurance distribution further, aiming to capture 50% of the market share and fortify its leadership in the industry.
