EQT, the Swedish private equity giant, has agreed to acquire London-based specialty reinsurance broker McGill and Partners in a deal valuing the firm at $2bn (£1.48bn).
The acquisition marks the end of McGill and Partners’ partnership with Wall Street heavyweight Warburg Pincus, which originally backed the firm’s founding and helped former Aon group president Steve McGill launch the business.
McGill and Partners was founded in May 2019 by industry veterans Steve McGill and John Lloyd, focusing on high-risk coverage for corporate and institutional clients.
In just seven years, the broker has grown its revenues to more than $250m, expanded into seven countries, and built a workforce of 600 employees.
One of the most notable aspects of the deal is EQT’s commitment to its all-employee ownership structure, meaning all 600 staff members will financially benefit from the transaction.
EQT described the equity participation plan as part of its “progressive approach to culture,” reinforcing the firm’s stance on broad-based ownership across its portfolio companies.
Steve McGill and chairman John Lloyd will both continue to lead the firm following the completion of the deal, providing continuity at the top of the business.
McGill described the transaction as a “significant milestone,” adding: “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 continued: “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 the firm plans to use the investment to fuel further organic growth, targeting a larger share of the US and international markets while deepening ties to Lloyd’s of London, the world’s largest insurance market.
Private equity firms have increasingly favoured insurance brokers and managing general agents because they are capital-light businesses that tend to generate highly recurring revenue streams.
The McGill and Partners deal is part of a broader wave of major transactions reshaping the global insurance brokerage sector in 2026.
In May 2025, US insurance brokerage Acrisure announced a $2.1bn capital raise from Bain Capital, signalling sustained investor appetite for the sector.
Earlier this week, professional services giant Aon agreed to acquire American insurance brokerage USI from investment firm KKR for $17bn (£12.6bn), one of the largest deals in the industry’s recent history.