Warburg Pincus exits as McGill founder retains ownership and leadership
Stockholm-listed Swedish investment group EQT has agreed to acquire a majority stake in specialty insurance broker McGill and Partners for $2 billion, buying out the position held by New York-based private equity firm Warburg Pincus. The deal was announced Friday.
The transaction remains subject to regulatory approvals and is expected to close in the first half of 2027, EQT said. Under the announced agreement, McGill founder and chief executive Steve McGill will continue to lead the brokerage and retain what the Swedish buyer described as “a meaningful ownership stake.”
McGill, who was formerly group president of global insurance broker Aon, founded the London-headquartered boutique firm in 2019 with backing from Warburg Pincus. The brokerage specializes in arranging complex insurance policies across a range of sectors, including property and aviation, and operates from offices in seven countries.
EQT said it will preserve McGill’s independent operating model while pursuing further expansion of the business. The expansion will include additional recruitment, according to the announcement, though specific hiring figures were not disclosed.
For McGill and Warburg Pincus, the $2 billion deal price caps seven years of growth from a startup into a multinational specialty brokerage. “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 said.
Under the announced structure, McGill will continue to operate as an independent brand within EQT’s portfolio, with its founder retaining equity participation alongside the new majority owner. The arrangement follows a structure common in private equity transactions, in which operating companies retain autonomy while drawing on the institutional capital and strategic support of their financial backers.
The deal remains contingent on standard closing conditions, including regulatory approvals in the relevant jurisdictions. Specific approval requirements and a timeline beyond the first-half-2027 target were not disclosed in the announcement.