Steve McGill launches new PE-backed specialty risk solutions business

McGill & Partners will provide strategic risk placement and advice for corporate clients, with a particular focus on complex insurance requirements.

The company will be headquartered in London, with additional offices in New York.

McGill was group president of Aon between 2005 and 2017, and prior to that was group CEO at JLT from 2001 to 2004.

Joining McGill on the new venture’s management team are Oliver Corbett, former CFO of Hyperion, Stephen Cross, former chief innovation officer of Aon Risk Solutions, and Denise Garland, former chief operating officer of Tokio Marine Kiln.

Former Willis Towers Watson president and CEO, Dominic Casserley, and former Willis CEO, Tim Wright, will also join the venture as non-executive directors.

It is backed by American private equity firm Warburg Pincus, who have made an initial commitment of up to $250m (£191m). The transaction is expected to close this month.

Additional funds have been contributed by management.

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.”

Dan Zilberman, European managing director at Warburg Pincus, said: “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.”