Private equity firm EQT, which last year considered a joint bid for AUB Group, will acquire UK-based broking firm McGill and Partners. 

EQT has entered into an agreement to acquire a majority stake in McGill from Warburg Pincus for $US2 billion ($2.8 billion). 

Founder and CEO Steve McGill will continue to lead the firm, while chairman John Lloyd will be actively involved. Both will remain as significant shareholders alongside the wider employee base. 

“We are delighted to welcome EQT as our new partner and for our colleagues to retain a significant ownership stake in our firm,” Mr McGill said. 

“EQT’s track record of backing high-growth, best-in-class technology-enabled businesses makes them absolutely the right partner for the next stage of our journey.” 

The specialty insurance and reinsurance broker, formed in 2019, says its revenues exceed $US250 million ($346 million) and it has employees across seven countries and more than 1000 clients. 

EQT Private Equity partner Miriam Tawil says McGill has a high-performance entrepreneurial culture. 

“Our growth mindset is well-aligned with McGill and Partners’ vision, and we look forward to investing in the team and platform to accelerate growth of its US and international client portfolio, further connecting the world to the Lloyd’s and London market,” Ms Tawil said. 

EQT last year partnered with CVC Asia-Pacific on a joint bid for AUB but after a due diligence process decided against proceeding with the proposal.