Warburg Pincus is weighing the possibility of selling its stake in UK insurance brokerage McGill and Partners, according to people familiar with the discussions. The private equity firm has reportedly begun preliminary conversations with potential advisers to evaluate strategic options for the London-based company, though no formal decision has been made.
The sources, who requested anonymity because the matter is not public, said that McGill could command a valuation exceeding $1 billion if a sale proceeds. While a transaction process could begin later this year, Warburg Pincus may ultimately decide to retain ownership, depending on market conditions and strategic considerations.
Representatives for Warburg Pincus declined to comment on the matter. A spokesperson for McGill and Partners also declined to provide details, noting that the firm’s leadership team remains focused on day-to-day operations and executing its long-term growth strategy.
McGill and Partners was established in 2019 by Steve McGill, who previously served as a group president at Aon Plc. Since its launch, the firm has positioned itself as a specialist insurance broker serving complex and capital-intensive industries. According to information on its website, McGill advises clients across a range of sectors, including aviation and aerospace, property and construction, energy, marine, and cargo.
The firm has experienced strong financial momentum in recent years. In the first half of 2025, McGill reported revenue growth of more than 20%, reflecting continued demand across its core business lines. Over the same period, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 79% compared with the first half of 2024, underscoring both top-line expansion and improved profitability.
Warburg Pincus initially invested in McGill at its founding in 2019, backing the company during its early stages of development. Five years later, in a move that reflected McGill’s growth and maturing business profile, Warburg transferred the firm into a multi-asset continuation vehicle. That vehicle is supported by a group of prominent institutional investors, including HarbourVest Partners, Ardian, and the Canada Pension Plan Investment Board.
Continuation vehicles have become an increasingly common tool in private equity, allowing firms to maintain exposure to high-performing assets while providing liquidity options for existing investors. The decision to place McGill into such a structure signaled Warburg’s confidence in the company’s long-term prospects while also bringing in additional capital partners.
McGill has continued to strengthen its financial position. In September, the firm announced it had secured $300 million in new credit facilities. The financing package was provided by a group of lenders including Morgan Stanley, Permira, and Bridgepoint Group Plc. At the time, McGill said the new facilities would support the company’s next phase of growth, potentially including further expansion of its sector coverage, talent acquisition, and geographic reach.
The potential sale under consideration would come at a time when interest in insurance brokerage assets remains relatively strong, driven by their recurring revenue models, resilience across economic cycles, and opportunities for consolidation. However, deal activity has been uneven amid broader market uncertainty, and private equity sponsors have shown increasing selectivity when deciding whether to pursue exits.
If Warburg Pincus proceeds with a sale, McGill would likely attract interest from a range of buyers, including other private equity firms and strategic players seeking to expand their presence in specialty insurance broking. Still, the firm’s owners appear to be keeping their options open, balancing the appeal of a high-value exit against the potential upside of continued growth.
For now, discussions remain exploratory, and no timeline or outcome has been finalized. As McGill continues to post strong financial results and invest in its platform, Warburg Pincus retains the flexibility to either pursue a sale or continue backing the business as it scales further.