EQT agrees $2 billion McGill majority stake deal

EQT, through its EQT X fund, has agreed to acquire a majority stake in London-based specialty insurance and reinsurance broker McGill and Partners from Warburg Pincus in a deal valuing the company at about $2 billion. Warburg Pincus will sell its entire holding, while founder and CEO Steve McGill, Chairman John Lloyd, management and employees will retain or reinvest for a meaningful ownership stake. Founded in 2019, McGill has grown to more than 600 employees in seven countries, over 1,000 clients and annual revenue exceeding $250 million. EQT plans to support global expansion, including growth in the United States, hiring, technology and data investments, and new digital products. The transaction reflects continued private-equity interest and consolidation in insurance distribution, where specialist brokers offer exposure to niche markets and relatively resilient fee income. The deal is expected to close in the first half of 2027, subject to customary approvals.