Insurance broking veteran Steve McGill and a world-class team of insurance executives have partnered with Warburg Pincus, a leading global private equity firm focused on growth investing, to launch McGill & Partners, a major new specialty risk solutions business.
Image: The new business will focus on strategic risk placement and advice for corporate clients, particularly those with complex insurance requirements. Photo: Courtesy of Tumisu from Pixabay.
The business will focus on strategic risk placement and advice for corporate clients, particularly those with complex insurance requirements. The company will offer clients a differentiated value proposition and comprehensive access to risk capital globally. The business will be headquartered in London with a centre of excellence in New York and further operating hubs in other key markets over time.
The build-out and growth of the business will be financed through an initial equity commitment of up to $250m from funds affiliated with Warburg Pincus and a substantial additional commitment from management. Significant further capital may also be deployed to support future business expansion and reinforce the value proposition.
The business will be led by Steve McGill, formerly Group President of Aon. Mr McGill is joined by a highly experienced senior team including Oliver Corbett, former CFO of Hyperion, Stephen Cross, former Chief Innovation Officer of Aon Risk Solutions, Denise Garland, former COO of Tokio Marine Kiln and a number of other senior insurance executives.
The leadership team will also include Dominic Casserley and Tim Wright who will join as non-executive directors.
Steve McGill, CEO, said, “Our ambition is to create a new, best-in class specialty risk solutions business that will bring capital closer to clients and open up an alternative distribution channel for the benefit of clients and carriers. We launch with a new and highly differentiated value proposition that will deliver an unprecedented level of client transparency and alignment. We have assembled a highly experienced leadership team and strong support from a leading global private equity firm. I am excited about building a world-class business and capitalising on the opportunities that a rapidly changing market environment will bring.”
Dan Zilberman, Warburg Pincus Head of Europe, said, “We are excited to partner with Steve and his talented team of senior industry executives to create a new transatlantic market-leader in risk solutions. As a long term investor in the insurance brokerage and insurance sectors, we see this team bringing incredible value and choice to both clients and carriers. Our joint mission is to build a leading specialty risk solutions business focused on independence, alignment and choice.”
The transaction is expected to close in May 2019.
Source: Company Press Release.