Speciality London-based reinsurance broker McGill and Partners has agreed to a $2bn (£1.48bn) investment by private equity giant EQT.
Founded in May 2019 by industry titans Steve McGill and John Lloyd, the firm handles high risks for corporate and institutional clients. In seven years, the broker has grown revenues to more than $250m and expanded across seven countries with 600 employees.
The Swedish-headquartered firm is acquiring McGill from its backer, Wall Street heavyweight Warburg Pincus, which helped former Aon group president Steve McGill launch the broker, ending the firms’ partnership.
EQT said it is committed to its equity participation plan as part of its “progressive approach to culture”, meaning all of its 600 employees will financially benefit from the transaction as a result of the firm’s all-employee ownership structure. McGill and chairman Lloyd will also continue to lead the firm.
McGill hailed the deal as a “significant milestone” for the City firm. “To have turned what was merely an idea seven years ago into a $2bn global specialty enterprise is an achievement we are all incredibly proud of,” he said. “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.”
Miriam Tawil, partner at EQT, said it plans to use the investment to fuel further organic growth, targeting a larger slice of the US and international markets while deepening ties to the Lloyd’s of London market, the world’s largest insurance market.
Private equity firms favour insurance brokers and managing general agents (MGAs) because they are capital-light and often generate highly recurring revenue.
In May 2025, US insurance brokerage Acrisure announced a $2.1bn capital raise from Bain Capital. Earlier this week, professional services giant Aon agreed to acquire American insurance brokerage USI from investment giant KKR for $17bn (£12.6bn).
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