EQT, a Swedish buyout firm, has agreed to acquire a majority stake in UK insurance broker McGill and Partners from Warburg Pincus LLC for $2 billion. This acquisition, made through EQT X, aims to accelerate McGill and Partners' global expansion. Founder and CEO Steve McGill will continue to lead the firm and will retain a significant ownership stake, alongside other management team members and colleagues who will also reinvest.
McGill and Partners, founded in 2019 by Steve McGill, John Lloyd, Stephen Cross, and Karl Hennessy with initial backing from Warburg Pincus, has grown rapidly. In just seven years, the firm has achieved revenues exceeding $250 million, employs over 600 people across seven countries, and serves more than 1,000 insurance and reinsurance clients. The company was advised by Evercore, Perella Weinberg, Freshfields, and Unity Advisory on the transaction.
EQT's investment strategy for McGill and Partners includes accelerating organic growth through talent recruitment, further developing technology and data capabilities, and expanding innovative digital solutions. EQT plans to invest in the team and platform to boost growth in its US and international client portfolio and strengthen connections to the Lloyd’s and London market. The transaction is subject to customary conditions and approvals and is expected to close in the first half of 2027.
