Swedish private equity firm EQT has agreed to acquire a majority stake in specialty insurance and reinsurance broker McGill and Partners from Warburg Pincus for $2 billion, the companies said.
The transaction will see Warburg Pincus sell its equity stake in full, while McGill and Partners’ founders, management team and colleagues will reinvest alongside EQT and retain a meaningful ownership stake in the firm.
Founder and Chief Executive Officer Steve McGill will continue to lead the company, while Chairman John Lloyd will remain actively involved. Both will remain significant shareholders alongside the firm’s wider colleague base.
EQT said it will invest behind McGill and Partners’ ambition to drive accelerated organic growth and global expansion, including by attracting and supporting specialty broking talent in key markets, investing further in technology and data capabilities, and expanding the firm’s digital solutions.
The investment will also support McGill and Partners’ development of new ways of connecting risk, capital, data and distribution across the specialty insurance and reinsurance market.
The firm operates on a modern, unified technology stack designed for clean, structured data and seamless integration.
Its “no-legacy” infrastructure enables the company to deploy advanced data analytics and artificial intelligence capabilities, according to the announcement.
McGill and Partners was founded in May 2019 by Steve McGill alongside a senior team that included John Lloyd, Stephen Cross, and Karl Hennessy, with backing from Warburg Pincus.
The company has since grown into a global specialty broking business with revenues exceeding $250 million, more than 600 colleagues across seven countries and over 1,000 insurance and reinsurance clients.
EQT has also committed to a new Equity Participation Plan designed to give every colleague an opportunity to share directly in the firm’s continued growth and success.
All employees will financially benefit from the transaction through McGill and Partners’ all-employee ownership structure.
The transaction is subject to customary conditions and approvals and is expected to close in the first half of 2027. Following the deal, EQT X is expected to be 85%-90% invested.
EQT had 341 billion euros in total assets under management as of June 30, 2026, while Warburg Pincus manages more than $105 billion in assets.