HedgeCo.Net — EQT X entered a definitive agreement to acquire a majority stake in specialty (re)insurance broker McGill and Partners from Warburg Pincus for USD 2.0 billion. EQT’s September 4 release said Warburg will sell its equity stake in full, while founder and CEO Steve McGill will continue to lead the firm and Chairman John Lloyd will remain actively involved; both stay as significant shareholders alongside the wider colleague base. Bloomberg independently printed the same $2 billion majority-stake framing, the EQT X vehicle, and Warburg’s full exit. Reinsurance News carried the same definitive-agreement language and the same management-retention / reinvestment structure.
McGill and Partners was founded in May 2019 by Steve McGill with a core senior team that included John Lloyd, Stephen Cross, and Karl Hennessy, with Warburg as the cornerstone backer. The deal remains subject to customary closing conditions. EQT framed the investment as accelerating McGill’s global specialty expansion; Warburg described the exit as the successful conclusion of a founder-led partnership that began at inception.
This is a signed majority buyout, not a closed deal. Mark $2.0 billion as the stated purchase price for the majority stake, EQT X as the acquiring fund, Warburg’s full equity exit, and McGill/Lloyd continuity as the hard tape. Do not invent revenue multiples, a locked closing calendar, or a precise post-close ownership split beyond the majority-to-EQT / meaningful-management-reinvestment framing. The allocator object is a large buyout fund recycling a specialty brokerage platform after a growth-equity hold.