EQT has entered into a definitive agreement to acquire a majority stake in specialty insurance and reinsurance broker McGill and Partners from Warburg Pincus for $2 billion.
Warburg Pincus will sell its equity stake in full. McGill and Partners founder and CEO Steve McGill will continue leading the company, while Chairman John Lloyd will remain actively involved.
McGill, Lloyd, the management team and other employees will reinvest alongside EQT and retain a meaningful ownership stake.
Founded in 2019 with backing from Warburg Pincus, McGill and Partners has grown to more than $250 million in annual revenue, with over 600 employees across seven countries and more than 1,000 insurance and reinsurance clients.
EQT plans to support further organic and international growth through recruitment of specialty broking talent, investment in technology and data capabilities and expansion of digital solutions.
McGill and Partners operates on a modern technology architecture designed around structured data, integration, analytics and AI rather than legacy systems.
The company’s all-employee ownership structure means its colleagues are expected to benefit financially from the transaction. EQT is also establishing a new Equity Participation Plan intended to give employees continued participation in future growth.
The transaction is expected to close during the first half of 2027, subject to customary approvals and conditions.
Following the transaction, EQT X is expected to be approximately 85% to 90% invested.
KEY QUOTES:
“Our vision was to build an independent (re)insurance broker defined by its unparalleled expertise, cutting edge technology and an absolute focus on sophisticated clients who wanted an innovative approach to their larger or more complex risk. To have turned what was merely an idea seven years ago into a $2 billion global specialty enterprise is an achievement we are all incredibly proud of. We have built our firm person-by-person and client-by-client, creating a business powered by the most exceptional talent ever assembled at scale in this industry.
We are delighted to welcome EQT as our new partner and for our colleagues to retain a significant ownership stake in our firm. EQT’s track record of backing high-growth, best-in-class technology-enabled businesses makes them absolutely the right partner for the next stage of our journey. We are also deeply grateful for the unwavering backing and guidance of Warburg Pincus over the last seven years to help us build the leading specialty broker in the world. This milestone is a lasting reflection of a phenomenal partnership.”
Steve McGill CBE, CEO of McGill and Partners
“McGill and Partners has established a strong position in specialty insurance broking underpinned by impressive organic growth. We are thrilled to partner with Steve, John and their talented team at an exciting point in the business’s growth trajectory as they double down on their ambition to scale what is clearly a differentiated platform, underpinned by exceptional talent, data, analytics and a custom built, singular technology platform.”
Matthias Wittkowski, Global Co-Head of Services and Partner at EQT Private Equity
“We have tremendous respect for what Steve and his team have built – their high-performance, entrepreneurial culture and compelling, innovative client proposition truly stand out in the market. Our growth mindset is well-aligned with McGill and Partners’ vision, and we look forward to investing in the team and platform to accelerate growth of its US and international client portfolio, further connecting the world to the Lloyd’s and London market.”
Miriam Tawil, Partner at EQT Private Equity
“From day one, we had enormous conviction in our shared vision for what McGill and Partners could become. As partners from inception, we have worked alongside Steve, John and the leadership team at every step and they have delivered on every dimension, building a genuinely new and innovative model in the specialty brokerage sector – truly a ‘category of one’. It has been a tremendous privilege to be part of that journey, and we exit immensely proud of what we have built together. This is precisely the kind of founder-led, high-conviction investment that Warburg Pincus was built to support – and the outcome speaks for itself.”
James O’Gara, Managing Director and Partner at Warburg Pincus
