McGill & Partners signs agreement to acquire renewal rights to certain specialty business from Marsh Limited and JLT Specialty (Marsh)
LONDON, Aug. 14, 2019 /PRNewswire/ -- McGill and Partners has entered into an agreement with Marsh Limited and JLT Specialty Limited to acquire certain specialty business from Marsh in London.
This business principally emanates from third-party wholesale, or independent brokers, who compete with Marsh for retail business.
Steve McGill, CEO of McGill and Partners, said, "Our ambitious build out has been accelerated with this transaction. We look forward to serving clients at a time when underwriting conditions are more challenging and high-quality placement expertise is in strong demand."
About McGill and Partners
McGill and Partners is a specialty risk solutions company focussed on strategic risk placement and advice for corporate clients. The company offers clients a differentiated value proposition with comprehensive access to risk capital globally. The business is headquartered in London and will shortly establish a presence in New York with further operating hubs in other key markets over time. The continued build out and growth of the business is being financed through an initial equity commitment of up to $250m from funds affiliated with Warburg Pincus and a substantial additional commitment from management. Significant further capital may also be deployed to support future business expansion and reinforce the value proposition.
Marsh is the world's leading insurance broker and risk adviser. With over 35,000 colleagues operating in more than 130 countries, Marsh serves commercial and individual clients with data driven risk solutions and advisory services. Marsh is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With annual revenue over US$15 billion and 75,000 colleagues worldwide, MMC helps clients navigate an increasingly dynamic and complex environment through four market-leading firms: Marsh, Guy Carpenter, Mercer, and Oliver Wyman. Follow Marsh on Twitter @MarshGlobal; LinkedIn; Facebook; and YouTube, or subscribe to BRINK.
Head of Strategy & Innovation, McGill & Partners