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EQT to acquire McGill and Partners in $2 billion deal - Business Insurance Skip to content Register for free Search Search Log In Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers Risk Management Cyber Risks Pricing Trends Mergers & Acquisitions Technology Sponsored Content WSIA RISKWORLD Workers Comp & Safety Workers Comp Cost Control Pain Management Workplace Safety International EMEA Asia-Pacific Latin America People Events BI Intelligence Top 100 Agents & Brokers Best Places to Work 2026 Lists Directories Insurance Pricing BI Stock Index Magazine Current Issue Past Issues Subscribe Women to Watch ALL INsurance Resources Risk Perspectives Sponsored Content Webinars White Papers EQT to acquire McGill and Partners in $2 billion deal by Claire Wilkinson Agents and Brokers , Mergers and Acquisitions European Union , United Kingdom McGill Sep 4, 2026 Swedish private equity firm EQT said Friday it agreed to acquire a majority stake in London-based specialty insurance and reinsurance broker McGill and Partners from Warburg Pincus in a deal valued at $2 billion. Warburg Pincus, which backed McGill and Partners when it was founded in 2019, will sell its entire stake, while Founder and CEO Steve McGill, Chairman John Lloyd and employees will reinvest and retain significant ownership stakes, according to an EQT statement. McGill and Partners has more than 600 employees in seven countries, including the U.S., and annual revenue of more than $250 million, according to the statement. Mr. McGill will continue to lead the brokerage and Mr. Lloyd will remain actively involved. Mr. McGill, a longtime insurance executive and former Aon group president, launched McGill and Partners in May 2019 with $250 million in backing from Warburg Pincus as an alternative in the specialty brokerage market. The brokerage has expanded internationally since its founding, including opening an office in Sweden in 2024. EQT said it plans to support further organic growth at McGill and Partners through recruitment, investment in technology and data capabilities and expansion of its digital offerings. The deal is expected to close in the first half of 2027, subject to regulatory approvals. The transaction is the latest significant ownership change in the insurance brokerage sector. Aon earlier this week announced a $17 billion deal to acquire USI Insurance Services from private equity firm KKR which followed its $13 billion acquisition of NFP Corp. in 2024. Truist Financial Corp. sold its remaining stake in Truist Insurance Holdings, now TIH Insurance Holdings LLC, to private equity investors in 2024 in a deal that valued the brokerage at $15.5 billion. Other recent major brokerage deals include Arthur J. Gallagher & Co.’s $13.45 billion purchase of AssuredPartners last year and Brown & Brown’s $9.83 billion acquisition of Accession Risk Management Group, parent of Risk Strategies and One80 Intermediaries. In late 2024, Marsh McLennan bought McGriff Insurance Services for $7.75 billion and folded it into Marsh McLennan Agency. 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