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Startup broker McGill & Partners on Wednesday said it has entered into an agreement with Marsh Ltd. and JLT Specialty Ltd. to acquire the renewal rights to certain specialty business from Marsh in London for an undisclosed amount.
The business being acquired involves mainly third-party wholesale or independent brokers who compete with Marsh for retail business, the specialty brokerage said in a statement.
The deal will see an undisclosed number of JLT and Marsh staff join McGill & Partners in London, some of whom have already been hired, a spokesman said.
Including the staff in this transaction, the company has hired approximately 135 staff to date from 26 countries who will work on all the new business McGill & Partners takes on board as it builds out its business, the spokesman said.
The deal is expected to close in September, the spokesman said.
“We look forward to serving clients at a time when underwriting conditions are more challenging and high-quality placement expertise is in strong demand,” said Steve McGill, CEO of McGill & Partners in a statement.
McGill & Partners, backed by private equity firm Warburg Pincus LLC, was launched in May.
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.