EQT Acquires Majority Stake in McGill and Partners for USD 2 Billion

Stockholm, September 4, 2026, EQT, a leading private equity firm, has reached a definitive agreement to acquire a majority stake in McGill and Partners, a leading specialty (re)insurance broker, for USD 2 billion from Warburg Pincus. The transaction is expected to close during the first half of 2027.

Founded in May 2019 by Steve McGill and a core senior team, McGill and Partners has grown into a global specialty broking business with revenues exceeding $250 million. The firm now employs more than 600 colleagues across seven countries and serves over 1,000 sophisticated insurance and reinsurance clients.

Under the new agreement, EQT will partner with Steve McGill and the management team to accelerate organic growth, focusing on talent recruitment, technology and data capabilities, and the development of innovative digital solutions. The firm will maintain its independent model and entrepreneurial culture, ensuring continued alignment with its clients and distribution partners.

"We are delighted to welcome EQT as our new partner," said Steve McGill, CEO of McGill and Partners. "Our vision was to build an independent (re)insurance broker defined by unparalleled expertise, cutting-edge technology, and a client-focused approach. This achievement is a reflection of the hard work and dedication of our colleagues over the past seven years. We are proud of the firm we have built and look forward to continuing our journey with EQT."

Matthias Wittkowski, Global Co-Head of Services and Partner at EQT Private Equity, echoed the sentiment. "McGill and Partners has established a strong position in specialty insurance broking, driven by impressive organic growth. We are thrilled to partner with Steve, John, and their talented team as they scale their differentiated platform, built on exceptional talent, data, and a custom-built technology stack."

Miriam Tawil, Partner at EQT Private Equity, added: "We have tremendous respect for what Steve and his team have built. Our growth mindset aligns with McGill and Partners' vision, and we are excited to support the team in expanding its client portfolio, both in the US and internationally."

The transaction represents a significant milestone for McGill and Partners, marking the successful conclusion of its partnership with Warburg Pincus. John Lloyd, Chairman of McGill and Partners, commented: "Warburg Pincus has been an invaluable partner over the past seven years. Their unwavering support has been instrumental in helping us build the leading specialty broker in the world."

The acquisition will enable McGill and Partners to continue its focus on innovation, particularly in a rapidly evolving industry. The firm operates a modern, unified technology stack, designed for clean, structured data and seamless integration. This infrastructure, combined with a culture of professional autonomy and ownership, positions the firm well for continued growth and expansion.

James O'Gara, Managing Director and Partner at Warburg Pincus, concluded: "We are proud of the journey we have shared with Steve, John, and the leadership team. This outcome speaks to the success of our shared vision and the high-conviction investment model that Warburg Pincus was built to support."

McGill and Partners was advised by Evercore, Perella Weinberg, Freshfields, and Unity Advisory on the transaction. Management was advised by Mayer Brown and Liberty Corporate Finance. Ardea Partners served as exclusive financial advisor, and Clifford Chance served as legal counsel to EQT.