Warburg Pincus is considering a possible sale of UK insurance broker McGill and Partners, according to people familiar with the matter.
The private equity firm has held early talks with potential advisers to explore options for London-based McGill, the people said, asking not to be identified as the information isn’t public. McGill could be valued at more than $1 billion in a deal, the people said.
A process could start later this year, though Warburg could still opt to keep the business, the people added. A representative for Warburg declined to comment. A representative for McGill also declined to comment, saying the management team is focused on running the company and executing the strategy for long-term growth.
McGill was founded in 2019 by Steve McGill, a former group president of Aon Plc. The firm helps broker insurance for sectors including aviation and aerospace, property and construction, energy, marine and cargo, its website shows. McGill posted revenue growth of more than 20% in the first half of 2025 and an increase of 79% in its adjusted earnings before interest, taxes, depreciation and amortization from the same period in 2024.
Warburg first invested in McGill in 2019. Five years later, it moved the company into a multi-asset continuation vehicle backed by HarbourVest Partners, Ardian and the Canada Pension Plan Investment Board. In September, McGill secured new credit facilities worth $300 million from Morgan Stanley, Permira and Bridgepoint Group Plc, saying it would support its next phase of growth.
Rexing maintains similar scams are “happening every single day, multiple times a day” against businesses like his and others, big and small.
“As a society we look at crime like this as white collar; it’s a big business that just writes the check and it’s no big deal,” he told Insurance Journal. “Well, it is a big deal and ultimately what I have been trying to explain to folks is, while we’re paying for it today, at the end of the day the consumer’s the one paying this and we need to take it seriously.”
Rexing said the police in the town of Taunton where the storage facility is located told him that there had been a similar theft of crab meat cargo from the same storage facility just 10 days earlier.