EQT has agreed to acquire a majority stake in McGill and Partners, an independent specialty (re)insurance broker headquartered in London, from Warburg Pincus for $2 billion. The deal, executed through EQT X, concludes Warburg Pincus’s full exit from the firm it backed at founding in May 2019. Founders and management, including CEO Steve McGill, will reinvest and retain meaningful ownership, with Steve McGill continuing to lead the firm and John Lloyd remaining chairman.

Since its founding, McGill and Partners has grown to over 600 colleagues across seven countries, serving more than 1,000 clients and generating revenue exceeding $250 million. EQT plans to support organic growth through talent acquisition, technology and data expansion, and digital offerings while preserving the firm’s independence and entrepreneurial culture. As part of the transaction, EQT has committed to a new equity participation plan granting all colleagues a stake in future growth.

McGill and Partners was advised by Evercore, Perella Weinberg, Freshfields, and Unity Advisory, while management received counsel from Mayer Brown and Liberty Corporate Finance. Ardea Partners served as EQT’s exclusive financial advisor and Clifford Chance as legal counsel.