Speciality London-based reinsurance broker McGill and Partners has secured a $2bn (£1.48bn) investment from private equity firm EQT. The Swedish-headquartered firm is acquiring McGill and Partners from its current backer, Warburg Pincus.
Founded in May 2019 by Steve McGill and John Lloyd, McGill and Partners handles high risks for corporate and institutional clients. In seven years, the firm has expanded across seven countries, employs 600 people, and has grown revenues to more than $250m.
EQT has stated its commitment to an equity participation plan, meaning all 600 employees will financially benefit from the transaction due to the firm's all-employee ownership structure. Steve McGill and chairman John Lloyd will continue to lead the firm.
Miriam Tawil, a partner at EQT, indicated that the investment aims to support further organic growth, focusing on expanding in the US and international markets, as well as deepening connections with the Lloyd's of London market.