EQT agrees to acquire McGill and Partners from Warburg Pincus for $2bn

• The firm’s founders and management, including CEO Steve McGill, will reinvest and retain a meaningful ownership stake in the business
• The firm has expanded from its 2019 founding into a global platform spanning seven countries
• EQT has committed to a new equity participation plan giving all colleagues a stake in future growth

EQT has agreed to acquire a majority stake in McGill and Partners, an independent specialty (re)insurance broker headquartered in London, from Warburg Pincus for $2 billion. The deal, agreed through EQT X, will see Warburg Pincus sell its equity stake in full, concluding a partnership that began at the firm’s founding.

McGill and Partners was founded in May 2019 by CEO Steve McGill, alongside John Lloyd, Stephen Cross and Karl Hennessy, with backing from Warburg Pincus. McGill will continue to lead the firm, while Lloyd, now chairman, remains actively involved; both will retain significant shareholdings alongside colleagues, who are also reinvesting as part of the deal under the firm’s all-employee ownership structure.

In the seven years since its founding, McGill and Partners has grown into a global specialty broking business with revenue exceeding $250 million, more than 600 colleagues across seven countries, and more than 1,000 insurance and reinsurance clients.

EQT plans to back the firm’s organic growth strategy, including recruiting further specialty broking talent, expanding technology and data capabilities and growing its digital offerings, while aiming to preserve McGill and Partners’ independence and entrepreneurial culture. As part of the deal, EQT has committed to a new equity participation plan designed to give every colleague a stake in the firm’s future growth.

“McGill and Partners has established a strong position in specialty insurance broking underpinned by impressive organic growth,” said Matthias Wittkowski, global co-head of services and partner at EQT Private Equity. He added that the team was looking to scale “what is clearly a differentiated platform, underpinned by exceptional talent, data, analytics and a custom built, singular technology platform.”

McGill and Partners was advised by Evercore, Perella Weinberg, Freshfields and Unity Advisory on the transaction, while management was advised by Mayer Brown and Liberty Corporate Finance. Ardea Partners served as exclusive financial advisor and Clifford Chance as legal counsel to EQT.

Editor’s note: This news brief was produced with the assistance of artificial intelligence.