British boutique insurance broker McGill and Partners gains momentum
New boutique risk solutions business McGill and Partners has grown rapidly in its first six months of trading following a successful talent acquisition strategy and significant client wins. Headcount has grown from five to 134, and the firm will be handling in excess of $250m of premium flow going into 2020.
The first broker in history to have its headquarters in Lloyd’s of London, its headcount growth has led the business to open an additional 8,000 sq. ft office at 100 Leadenhall Street. This all follows an initial investment of up to $250m in May from funds affiliated with Warburg Pincus, a leading global private equity firm.
Joining founder and CEO Steve McGill is John Lloyd as chairman. Other team members include head of strategy & innovation Stephen Cross, CFO Oliver Corbett, COO Denise Garland and head of specialty broking Karl Hennessy. The majority of the business line leaders have also started.
Talent acquisition has been at the centre of the business strategy from the start, with a highly differentiated culture: there are no set working hours or limits on holiday, and benefits including 12 months full pay maternity and adoption leave and six months full pay paternity leave, a concept rarely seen in the financial services industry. This has enabled the business to hire from 26 different firms across the market. Some 50 percent of colleagues are millennials, and all will have an equity stake.
McGill and Partners has also landed significant levels of business already. It expects to be serving over 1,000 clients next year. It has also initiated preparations to launch in New York and Miami as part of its ambitious global plans.
Steve McGill, founder and CEO of McGill and Partners said: “We are proud to be building a new British business at scale, despite the context of Brexit. We launched McGill and Partners, one of the largest new business enterprises in the UK in 2019, to provide clients with focused, high quality broking and advice in a consolidating market.
“We want to be deliberately different by design, culturally as well as strategically. We’ve created a unique employment package which is built on a contract of trust. Within that, we believe in our staff to do the right thing and do what’s best for them and their work/life balance. I’m incredibly excited about the huge opportunity we have ahead.”
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