EQT Private Equity agreed to buy a majority stake in specialty broker McGill and Partners for $2 billion. Steve McGill remains CEO; Warburg Pincus exits. Colleagues retain ownership stakes via a new equity plan.
Alpha Score of 45 reflects weak overall profile with weak momentum, poor value, strong quality, moderate sentiment.
EQT Private Equity has agreed to acquire a majority stake in specialty insurance broker McGill and Partners from Warburg Pincus for $2 billion, the firms said Tuesday.
McGill and Partners was founded in May 2019 by Steve McGill, alongside a senior team that included John Lloyd, Stephen Cross and Karl Hennessy. Warburg Pincus provided the initial backing for what the firms described as a new category of re/insurance broker.
Steve McGill will remain chief executive officer. Chairman John Lloyd will stay on. Both will hold significant stakes alongside the firm's broader colleague base, while Warburg Pincus will exit completely.
In seven years the broker has grown to more than 600 employees across seven countries and serves over 1,000 insurance and reinsurance clients. Revenue has exceeded $250 million, the firms 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,” McGill said in a statement. He called the deal “a lasting reflection of a phenomenal partnership” with Warburg Pincus.
Matthias Wittkowski, EQT’s global co-head of services, said the partnership comes at “an exciting point in the business’s growth trajectory” as the team scales a platform he described as differentiated by talent, data, analytics and a custom-built technology system.
Miriam Tawil, an EQT partner, said the private equity firm sees opportunity to “accelerate growth of its US and international client portfolio, further connecting the world to the Lloyd’s and London market.”
EQT committed to a new Equity Participation Plan that gives every colleague a chance to share in future growth. A “significant portion” of that plan will be reserved for expanding the talent base over time, the statement said.
James O’Gara, managing director at Warburg Pincus, described the outcome as “precisely the kind of founder-led, high-conviction investment that Warburg Pincus was built to support.” Warburg Pincus will sell its entire equity stake.
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