McGill and Partners, a technology-enabled specialty (re)insurance broker, has agreed to be acquired by EQT in a deal valuing the business at $2bn.
The transaction will see Warburg Pincus, which has backed McGill and Partners since its founding in 2019, sell its entire stake in the business. EQT X will acquire the majority position, while founder and CEO Steve McGill, chairman John Lloyd and employees will retain meaningful ownership by reinvesting alongside the new investor.
The deal is expected to close in the first half of 2027, subject to customary conditions and regulatory approvals. Following completion, EQT X is expected to be 85 to 90 per cent invested, including closed and signed investments and announced public offers, less any expected syndication.
EQT plans to use the investment to support McGill and Partners’ organic growth, with a focus on specialist broking talent, technology, data capabilities and its digital offering. The private equity firm also intends to support the broker’s use of data analytics and artificial intelligence as it scales.
The investment will include a new Equity Participation Plan designed to give every colleague an opportunity to participate directly in the future growth of McGill and Partners. A significant portion of the plan will support recruitment and expansion across both the firm’s existing specialisms and new areas.
McGill and Partners was founded in May 2019 by Steve McGill alongside John Lloyd, Stephen Cross and Karl Hennessy, with Warburg Pincus providing a cornerstone investment. The business has since expanded into a global specialty broking operation generating more than $250m in revenue, with more than 600 employees across seven countries and over 1,000 insurance and reinsurance clients.
Technology has been a central part of the broker’s growth strategy. McGill and Partners operates a technology stack built without legacy systems, which it says gives the business greater flexibility around data analytics and AI. The firm has positioned this infrastructure as a key part of its approach to handling complex insurance and reinsurance risks.
Steve McGill CBE, CEO, McGill and Partners said, “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,” McGill said.
Matthias Wittkowski, Global Co-Head of Services and Partner, EQT Private Equity added, “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,” Wittkowski said.
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