McGill and Partners, a technology-enabled specialty (re)insurance broker, has agreed to be acquired by EQT in a deal valuing the business at $2bn, as the private equity firm backs its technology, data and AI-led growth strategy.
Under the agreement, EQT X will acquire the majority stake currently held by Warburg Pincus, which is selling its equity in full after backing the business since its founding in 2019. McGill and Partners founder and CEO Steve McGill will continue to lead the firm, while chairman John Lloyd and employees will retain a meaningful ownership stake by reinvesting alongside EQT.
The transaction is subject to customary conditions and regulatory approvals and is expected to close in the first half of 2027. Following the deal, EQT X is expected to be 85 to 90 per cent invested, including closed and signed investments and announced public offers, less any expected syndication.
EQT plans to support McGill and Partners’ organic growth by investing in specialty broking talent, technology and data capabilities, and expanding its digital offering. The investment will also support the broker as it scales its use of data analytics and artificial intelligence across the business.
The deal will introduce an Equity Participation Plan from EQT, designed to give every colleague an opportunity to share directly in the company’s future growth. A significant portion of the plan will be allocated towards expanding the talent base across McGill and Partners’ existing areas of specialism and into new areas.
McGill and Partners was established in May 2019 by Steve McGill alongside John Lloyd, Stephen Cross and Karl Hennessy, with a cornerstone investment from Warburg Pincus. The business has since grown into a global specialty broking operation generating more than $250m in revenue, with more than 600 employees across seven countries and over 1,000 insurance and reinsurance clients.
Technology has been central to the broker’s model. McGill and Partners operates a modern technology stack built without legacy systems, which it says allows the business to move quickly on data analytics and AI. The approach is designed to support the broker’s ability to respond to complex insurance and reinsurance risks while maintaining its independent structure.
Steve McGill CBE, CEO, McGill and Partners said, “Our vision was to build an independent (re)insurance broker defined by its unparalleled expertise, cutting edge technology and an absolute focus on sophisticated clients who wanted an innovative approach to their larger or more complex risk. 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. 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. We are delighted to welcome EQT as our new partner and for our colleagues to retain a significant ownership stake in our firm.
“EQT’s track record of backing high-growth, best-in-class technology-enabled businesses makes them absolutely the right partner for the next stage of our journey. We are also deeply grateful for the unwavering backing and guidance of Warburg Pincus over the last seven years to help us build the leading specialty broker in the world. This milestone is a lasting reflection of a phenomenal partnership,” McGill said.
Matthias Wittkowski, Global Co-Head of Services and Partner, EQT Private Equity also commented, “McGill and Partners has established a strong position in specialty insurance broking underpinned by impressive organic growth”
“We are thrilled to partner with Steve, John and their talented team at an exciting point in the business’s growth trajectory as they double down on their ambition to scale what is clearly a differentiated platform, underpinned by exceptional talent, data, analytics and a custom built, singular technology platform,” Wittkowski said.
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