Insurance veteran Steve McGill and Warburg Pincus launch specialty risk business
Insurance broking veteran of 40 years and former group president at Aon Steve McGill has partnered with global private equity firm Warburg Pincus to launch a specialty risk solutions business named McGill & Partners.
Headquartered in London, with an office in New York, the business will manage strategic risk placement, advise corporate clients and offer comprehensive access to risk capital globally.
An initial equity commitment of up to $250m from funds affiliated with Warburg Pincus and funds from the company's management will be used to establish and expand its work.
McGill will lead the firm as CEO and he will be joined by an experienced senior team. This includes Oliver Corbett, former CFO of Hyperion, Stephen Cross, former CIO of Aon Risk Solutions, Denise Garland, former COO of Tokio Marine Kiln, as well as Dominic Casserley and Tim Wright who will join as non-executive directors.
McGill 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 partnership deal is expected to complete this month.
