A team of industry stalwarts led by insurance broking veteran Steve McGill – who served as Aon Group President for over a decade – has joined forces with leading global private equity firm Warburg Pincus to launch McGill & Partners, a major new specialty risk solutions business.
Industry executives confirmed to be joining McGill in this move include: Oliver Corbett, Hyperion’s former Chief Financial Officer, former Aon Risk Solutions’ Chief Innovation Officer Stephan Cross, as well as Denise Garland, former Chief Operating Officer of Tokio Marine Kiln.
The company, which will be led by McGill, will target strategic risk placement and advice for corporate clients, particularly those with complex insurance requirements.
The business will also boast 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 $250 million from funds affiliated with Warburg Pincus and a substantial additional commitment from management.
Furthermore, significant further capital may also be deployed to support future business expansion and reinforce the value proposition.
The leadership team who join as non-exec directors include former President and Deputy CEO of WTW, Dominic Casserley, and Tim Wright, also previously of WTW
“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,” said McGill.
“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.”