EQT Acquires Majority Stake in Reinsurance Broker McGill and Partners
Swedish private equity firm EQT has agreed to acquire a majority stake in specialty reinsurance broker McGill and Partners from Warburg Pincus for $2 billion. The deal involves the full sale of Warburg Pincus' equity, while current management will retain significant ownership through reinvestment alongside EQT. Founded by Steve McGill in 2019 with backing from Warburg Pincus, the firm has grown to serve over 1,000 clients across seven countries and generate more than $250 million in annual revenue. CEO Steve McGill will continue leading operations, supported by chairman John Lloyd. EQT plans to support further growth through talent recruitment, technology development, and digital expansion while preserving the company's culture. An Equity Participation Plan is also being introduced for employees.
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