EQT has agreed to acquire a majority stake in Mc Gill and Partners, a London-based specialty reinsurance broker, from Warburg Pincus for $2 billion. The firm was founded in May 2019 by CEO Steve Mc Gill alongside John Lloyd, Stephen Cross, and Karl Hennessy, and has grown to over $250 million in revenue with more than 600 colleagues across seven countries. Mc Gill will continue to lead the firm, while Lloyd, now chairman, remains actively involved under an all-employee ownership structure.

EQT plans to support organic growth by recruiting specialty broking talent, expanding technology and data capabilities, and growing digital offerings. Separately, Altor has divested circular IT company Flex IT to Eurazeo, which is combining it with its existing portfolio business T1A Group.