Mc Gill and Partners, a London-based reinsurance broker founded in May 2019 by Steve Mc Gill and John Lloyd, has secured a $2bn investment from EQT. The deal ends the firm’s partnership with Warburg Pincus, which backed its launch. In seven years, Mc Gill and Partners has grown to over $250m in revenue, expanded to seven countries, and employs 600 staff.

EQT’s investment will be distributed to all employees through its equity participation plan, reflecting its progressive culture approach. Steve Mc Gill and John Lloyd will continue to lead the firm. Mc Gill called the deal a “significant milestone,” praising the team’s growth from an idea to a global specialty enterprise.

Miriam Tawil of EQT said the funds will support organic growth in the US and international markets and strengthen ties to Lloyd’s of London. The investment reflects private equity’s preference for capital-light, recurring-revenue insurance brokers, following similar deals like Acrisure’s $2.1bn raise from Bain Capital in May 2025 and Aon’s $17bn acquisition of USI from KKR.