McGill and Partners staff to benefit from EQT’s $2bn insurance broker deal
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 [...]
Specialty London-based reinsurance broker McGill and Partners has secured a $2 billion investment from private equity giant EQT. Founded in 2019 by industry veterans Steve McGill and John Lloyd, the firm specializes in handling high-risk corporate and institutional clients. Over the past seven years, McGill and Partners has experienced significant growth, with revenues exceeding $250 million and a workforce of 600 employees operating in seven countries.
The Swedish-based company has acquired McGill from its original backer, Warburg Pincus, ending their partnership. EQT has committed to its equity participation plan, ensuring all 600 employees benefit financially from the transaction, given the firm's all-employee ownership structure. McGill and chairman John Lloyd will continue to lead the firm.
McGill expressed pride in the achievement, stating that transforming their idea into a $2 billion global specialty enterprise is a remarkable accomplishment. "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," he said.
EQT plans to utilize the investment to foster further organic growth, aiming to expand their presence in the US and international markets while strengthening ties with Lloyd's of London, the world's largest insurance market.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
