EQT to acquire McGill and Partners for $2 billion

EQT has agreed to acquire a majority stake in specialty insurance and reinsurance broker McGill and Partners from Warburg Pincus in a deal valuing the business at $2 billion.

Warburg Pincus , which backed the broker’s launch in 2019, will sell its entire stake. Founder and CEO Steve McGill, chairman John Lloyd, management, and employees will reinvest alongside EQT and retain a meaningful ownership interest.

London-based McGill and Partners generates more than $250 million in annual revenue, implying a valuation of roughly eight times revenue. The broker employs more than 600 people across seven countries and serves over 1,000 insurance and reinsurance clients.

EQT plans to support the company’s expansion through recruitment, investments in technology and data, and the development of digital products. Steve McGill will continue to lead the business.

The transaction is expected to close in the first half of 2027, subject to customary approvals.