Swedish investment firm EQT has agreed to acquire a majority stake in specialty insurance and reinsurance broker McGill and Partners from Warburg Pincus for $2 billion. The transaction will give McGill new backing for international expansion, technology investment and recruitment while its founder and chief executive, Steve McGill, remains in charge.
EQT has agreed to acquire a majority stake in insurance and reinsurance broker McGill and Partners from private equity firm Warburg Pincus for $2 billion, expanding the Swedish investment group’s exposure to the specialty insurance market.
The transaction will be carried out through EQT X, EQT’s private equity fund, with Warburg Pincus selling its entire stake in the London-headquartered brokerage. The deal remains subject to customary regulatory approvals and other conditions and is expected to close in the first half of 2027.
McGill and Partners was founded in 2019 with backing from Warburg Pincus and has since expanded into a global specialty brokerage. The company now has more than 600 employees across seven countries, generates more than $250 million in revenue and serves more than 1,000 insurance and reinsurance clients.
The brokerage specializes in complex insurance and reinsurance risks, including coverage for sectors such as property and aviation. EQT said it intends to maintain McGill’s independent operating model while supporting further growth.
Under the agreement, founder and Chief Executive Steve McGill will continue to lead the company and retain a meaningful ownership stake. Chairman John Lloyd will also remain actively involved and will continue as a significant shareholder. McGill’s wider management team and employees are expected to reinvest alongside EQT.
EQT said it plans to support McGill’s expansion through additional recruitment, investment in technology and data capabilities, and the development of digital solutions. The investment is intended to accelerate the broker’s organic growth and international expansion.
For Warburg Pincus, the transaction marks the end of its investment partnership with McGill and Partners, which began when the brokerage was established in 2019. The deal gives EQT control of the business while allowing its existing leadership and employees to retain a significant ownership position.
The acquisition remains subject to regulatory and other approvals before completion. EQT and McGill expect the transaction to close during the first half of 2027.
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