Former Aon group president Steve McGill has made ties with a world-class team of insurance executives to launch McGill & Partners, a major new specialty risk solutions business.
The team has partnered with global private equity firm Warburg Pincus to launch McGill & Partners, which is geared towards strategic risk placement for corporate clients with complex insurance requirements. It will be headquartered in London, UK, and will have a centre of excellence in New York.
Steve McGill, formerly Group president of Aon, will lead the business as chief executive officer. He has a highly experienced senior leadership team on his shoulder, 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 others. The leadership team will also include Dominic Casserley and Tim Wright who will join as non-executive directors.
“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’ve assembled a highly experienced leadership team and strong support from a leading global private equity firm. I’m excited about building a world-class business and capitalising on the opportunities that a rapidly changing market environment will bring.”
The build-out and growth of McGill & Partners will be funded on a through an initial equity commitment of up to $250m from funds affiliated with Warburg Pincus, alongside substantial financing from management.
Dan Zilberman, Warburg Pincus head of Europe, commented: “We’re 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.”