Key Takeaways
- • EQT AB (Stockholm-listed Swedish investment group) has agreed to acquire a majority stake in McGill and Partners, a London-based specialty insurance and reinsurance broker, for $2 billion, buying out existing investor Warburg Pincus.
- • McGill founder and CEO Steve McGill—formerly group president of Aon—will retain meaningful ownership and continue leading the brokerage post-acquisition, with EQT committing to preserve the firm's independent operating model.
- • McGill and Partners, founded in 2019 with Warburg Pincus backing, has grown into a $2 billion global specialty enterprise spanning seven countries, specializing in complex policies across property, aviation, and other sectors.
- • The transaction is subject to regulatory approvals and is expected to close in the first half of 2027, with EQT signaling plans for further expansion including additional recruitment.
Summary
EQT AB has agreed to acquire a majority stake in McGill and Partners, a specialty insurance and reinsurance broker headquartered in London, for $2 billion. The Swedish investment group will purchase out Warburg Pincus's existing stake in the boutique brokerage, according to an announcement on September 4, 2026. The transaction remains subject to customary approvals and is anticipated to close during the first half of 2027.
McGill and Partners, founded in 2019 with initial support from Warburg Pincus, has scaled rapidly to become a $2 billion specialty enterprise with operations across seven countries. The firm focuses on complex insurance and reinsurance policies spanning property, aviation, and other specialized sectors. Steve McGill, the firm's founder and chief executive who previously served as group president of Aon, will continue leading the business following the acquisition and will maintain a meaningful ownership stake, providing operational continuity.
EQT's acquisition aligns with the investment group's growth strategy in insurance services and signals confidence in McGill's market positioning within the specialty brokerage segment. The Swedish investment firm has committed to preserving McGill's independent business model while supporting expansion through additional recruitment and operational investment. McGill characterized the transaction as validation of the firm's seven-year trajectory from concept to a scaled global operator: "To have turned what was merely an idea seven years ago into a $2 billion global specialty enterprise is an achievement we are all incredibly proud of," McGill stated. The deal underscores ongoing consolidation activity within the insurance brokerage sector and reflects institutional appetite for high-growth specialty insurance platforms with experienced leadership and diversified sector expertise.
McGill and Partners, founded in 2019 with initial support from Warburg Pincus, has scaled rapidly to become a $2 billion specialty enterprise with operations across seven countries. The firm focuses on complex insurance and reinsurance policies spanning property, aviation, and other specialized sectors. Steve McGill, the firm's founder and chief executive who previously served as group president of Aon, will continue leading the business following the acquisition and will maintain a meaningful ownership stake, providing operational continuity.
EQT's acquisition aligns with the investment group's growth strategy in insurance services and signals confidence in McGill's market positioning within the specialty brokerage segment. The Swedish investment firm has committed to preserving McGill's independent business model while supporting expansion through additional recruitment and operational investment. McGill characterized the transaction as validation of the firm's seven-year trajectory from concept to a scaled global operator: "To have turned what was merely an idea seven years ago into a $2 billion global specialty enterprise is an achievement we are all incredibly proud of," McGill stated. The deal underscores ongoing consolidation activity within the insurance brokerage sector and reflects institutional appetite for high-growth specialty insurance platforms with experienced leadership and diversified sector expertise.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.