EQT to acquire specialty broker McGill and Partners for $2 billion
Private equity firm EQT has agreed to acquire a majority stake in specialty insurance broker McGill and Partners from Warburg Pincus for USD 2.0 billion.
EQT has entered into a definitive agreement to acquire a majority stake in McGill and Partners, a specialty insurance broker, from Warburg Pincus for USD 2.0 billion. The transaction is being made through EQT X, a private equity fund managed by EQT.
Under the terms of the agreement, McGill and Partners' founder and CEO Steve McGill will continue to lead the firm. McGill and other management team members and colleagues will retain a significant ownership stake, alongside EQT. Warburg Pincus will sell its entire equity stake.
McGill and Partners, founded in May 2019, has rapidly scaled into a global specialty broking business. The firm employs over 600 colleagues across seven countries and serves more than 1,000 insurance and reinsurance clients. Its revenues exceed USD 250 million.
EQT plans to support McGill and Partners' accelerated organic growth by investing further in talent, technology, and data capabilities. The firm's independent model and culture of colleague ownership are expected to be maintained. Warburg Pincus had been the majority owner since the firm's inception.