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Steve McGill, longtime insurance executive and former group president of Aon PLC, and global private equity firm Warburg Pincus LLC have launched a new specialty risk broker named McGill & Partners, Warburg Pincus announced Thursday.
The venture will provide strategic risk placement and advice for corporate clients, focusing on complex insurance requirements, the statement said.
Backed with an initial equity commitment of up to $250 million from funds affiliated with Warburg Pincus and a “substantial” additional commitment from management, the company will be headquartered in London with a “center of excellence” in New York, the statement said.
Further operating hubs in other key markets will follow over time, according to the statement.
The transaction is expected to close later this month, Warburg Pincus said in the statement.
Mr. McGill is joined by other senior executives including Oliver Corbett, former chief financial officer of Hyperion Insurance Group Ltd.; Stephen Cross, former chief innovation officer of Aon Risk Solutions; and Denise Garland, former chief operating officer of Tokio Marine Kiln Group Ltd., Warburg Pincus said.
Dominic Casserley, a senior adviser at Warburg Pincus who was CEO of Willis from 2013 until his resignation in 2016, and Tim Wright will also join as non-executive directors, according to the release.
The aim is to create a specialty risk business that “will bring capital closer to clients and open up an alternative distribution channel,” Mr. McGill said in the statement.
Separately, Mr. McGill has resigned from his position on the board of directors at The Hartford Financial Services Group, due to “the potential for any appearance of a conflict of interest,” a spokesman at The Hartford confirmed.
Mr. McGill’s resignation from Hartford’s board takes effect Thursday, per a company filing with the U.S. Securities and Exchange Commission.
LONDON—Aon P.L.C.'s promotion of Steve McGill to group president should result in greater coordination of resources across the brokerage's three business units, analysts said after the announcement last week.