Insights - McGill and Partners

The Edge

Learn from the stars of snow sport

Welcome to The Edge — a new content series that celebrates the achievements of Great Britain’s trailblazing snow sports athletes and explores what business can learn from their growing success. As proud partners of GB Snowsport, we’ll be following the team closely throughout this pivotal season.

Once thought of as an underdog in the sporting world, GB Snowsport has recruited and nurtured first-class talent and is now successfully taking on the best in the world — mirroring our own story at McGill and Partners. Now, with the bold ambition of becoming a top five snow sports nation by 2030, they’re setting a new standard for performance and progress.

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The Edge series dives into five themes that are vital to both snow sports and business: Risk, Resilience, Innovation, Teamwork, and Leadership. Through the lens of elite athletes and leading business figures, we examine how these qualities drive success — on the slopes and in the boardroom.

In this series, you’ll hear from alpine skier Billy Major on managing the risks of high-speed competition, and from snowboarding star Charlotte Bankes as she battles back to peak fitness after injury. Business experts weigh in on how risk management in sport parallels corporate strategy — from data-driven preparation to the need for fast, confident decision-making.

Later this season, we’ll introduce you to Para snowboarder Ollie Hill, whose resilience is propelling him to the top of his sport, and visually impaired skier Menna Fitzpatrick, whose extraordinary teamwork with her guide has made her Britain’s most decorated Winter Paralympian. We also hear from the coaches and leaders behind GB Snowsport — the people driving new ideas, strong leadership, and helping the team reach its goal.

We are thrilled to be supporting GB Snowsport on this adventure.

Want to see how sport and business come together? Read The Edge series now.

Strong half year results and strategic refinancing set the stage for McGill and Partners’ next growth phase

McGill and Partners has set the scene for the next phase of growth as it reports strong financial results for the 6 months ending 30 June 2025 and secures new credit facilities of $300m from lenders Morgan Stanley, Permira and Bridgepoint. This refinancing represents another significant step in McGill and Partners’ ongoing growth and evolution, enabling long-term lender support at conservative levels of leverage and making significant returns available to eligible shareholders via a dividend recapitalisation.

The new credit facility, secured with sophisticated participants from the private credit markets, provides a long-term, more flexible financing structure that reflects the maturity of the McGill and Partners business and strategically positions the business for the future. The new arrangement comprises a senior facility, an acquisition facility to support further investment in talent and technology (including AI), and a revolving credit facility. In combination with the existing funding capacity from Warburg Pincus, the new facility underscores the firm’s continued growth and supports its long-term financial objectives.

The strategic refinancing follows the announcement, at the end of last year, that McGill and Partners was one of the companies selected by Warburg Pincus for inclusion in its first ever multi-asset continuation fund. The fund is composed of a diversified portfolio of companies, all of which have demonstrated significant success and high growth potential.

This growth potential is demonstrated by the most recent half year results. McGill and Partners reported organic revenue growth of more than 20% in the first half of 2025 and a significant increase of 79% in adjusted EBITDA, against H1 of the prior year. These record results, taken alongside today’s announcement, show McGill and Partners is strategically positioned for future expansion, building on its strong organic performance to date.

Steve McGill, Chief Executive Officer, commented: “I am immensely proud of what we have achieved in just six years. The business continues to deliver significant growth and we have reached a level of maturity that means we have more flexible and attractive financing options available to us to support our future ambitions.”

“We stand apart from others in the sector as a global specialty firm built organically, with a client-centric, single P&L, a unique culture, a state-of-the-art and fully integrated platform, and market-leading revenue growth. It is these differentiators, coupled with the new financing arrangement, that will deliver exceptional client value and allow all our colleagues to reap the benefits of our collective endeavours as the business continues to thrive and deliver on its growth potential.”

James O’Gara, Managing Director at Warburg Pincus, commented: “Over the past six years, McGill and Partners has evolved from a start-up challenger to an established player, winning share by delivering for its global clients and talent base. Notably, Steve and the wider team have done it the hard way – purpose-building the business from scratch. The reward is a truly differentiated firm, with a singular culture, unique technology-led approach and an integrated platform poised to continue its impressive organic growth track record.”

“This refinancing is another positive milestone in that journey; both reflecting the great progress to date, as well as giving the business renewed firepower, in conjunction with our support, to pursue its unique talent acquisition strategy. We are tremendously proud of what the team has accomplished, and enthusiastic about their continued potential from here.”

McGill and Partners appoint Mike Reynolds as Group CFO

Industry heavy weight joins fast-growing (re)insurance broker

McGill and Partners has announced that Mike Reynolds will join the firm later this year as Group CFO, subject to regulatory approval. He joins from Oneglobal where he has been Group CEO for the last five years and will take up his new role once he has fulfilled his contractual obligations to them.

Mike Reynolds is an industry heavy weight with nearly 30 years of leadership experience in the insurance industry. Prior to leading Oneglobal, he was CEO of JLT Re, Group Finance Director of JLT Group Plc and has also held CFO positions at ACE Europe and Aon Benfield.

Founded in 2019 with backing from Warburg Pincus, McGill and Partners has been one of the world’s fastest growing firms not only in (re)insurance broking but in financial services more generally. In the last three years, the firm’s compound annual growth has exceeded 20%, all of which has been organic. The firm was also included in Warburg Pincus’ first-ever multi-asset continuation fund alongside a diversified portfolio of companies, all of which have demonstrated significant success and high growth potential.

Reynolds succeeds Dominic Mignon as Group CFO.

Steve McGill, Group CEO, McGill and Partners, commented: “We have much to be proud of. We have built a global boutique specialty business at scale, entirely organically, in a relatively short period of time. As we look to the future, we are delighted to add Mike Reynolds to the team. Mike will bring a wealth of experience to the firm as we continue to build and grow the business.”

“We thank Dominic for his tireless work over the last three years and wish him all the best for the future as he transitions out of the firm next year. During this time, he has made an enormous contribution towards putting the firm in its current strong financial position and helped to guide it through a period of impressive organic growth.”

Mike Reynolds, added: “With a high-quality team, a unique culture and state-of-the-art technology platform, I’m thrilled to be part of the next chapter of this exciting firm.“

Strong half year results and strategic refinancing set the stage for McGill and Partners’ next growth phase

Firm reports strong financial results for the 6 months ending 30 June 2025

Secures new credit facilities of $300m from lenders Morgan Stanley, Permira and Bridgepoint

Significant return to eligible shareholders via dividend recapitalisation

McGill and Partners appoint Mike Reynolds as Group CFO

Industry heavy weight joins fast-growing (re)insurance broker

Reynolds succeeds Dominic Mignon as Group CFO.

Mike Reynolds, added: “With a high-quality team, a unique culture and state-of-the-art technology platform, I’m thrilled to be part of the next chapter of this exciting firm.“

The UK’s new captive regime: A game-changer for your risk management strategy

The UK just announced a landmark development that will reshape global risk management: the formal establishment of a new captive insurance and protected cell company regime. This isn’t just another policy update; it’s a monumental step that not only reinforces London’s standing as a financial hub but also strategically positions the UK to potentially become the world’s leading captive domicile over the next decade.

This new legislation is set to transform how many companies approach risk financing. It opens up fantastic opportunities for multinational and UK-based businesses, offering access to more extensive direct and reinsurance capacity than most other places. We’re talking about the potential for over 700 captive insurers, according to multiple reports, to form right here in the UK, or to move their existing operations from established domiciles. For many of our corporate clients, having a robust, onshore option with direct access to London’s incredible market simply makes sense.

What makes the UK so special?

It really comes down to London’s unique ecosystem. London has a powerful combination of talent, capacity and smart regulation that you won’t find anywhere else. It’s home to an experienced pool of insurance and reinsurance professionals, who can serve as independent directors for captives. Then there’s Lloyd’s of London, right on our doorstep, offering unmatched capacity and expertise. The sheer scale of direct and reinsurance capacity available in the ‘Square Mile’ alone is incredible, and Lloyd’s direct writing capabilities are a huge benefit for large multinational businesses.

Thinking about re-domiciling your captive to the UK?

This new regime also sparks a big question for many organisations: could moving your existing captive to the UK be your next strategic move? We’re expecting a lot of interest, especially from UK-based companies, but also from international clients. Consolidating governance, tax reporting and market access here in the UK could offer huge advantages. Plus, there’s a strong national security angle – bringing captives covering critical UK infrastructure onshore could improve oversight and safeguard sensitive information.

We will be doing a deep dive into the proposed new legislation to determine the optimal strategies for companies like yours to truly benefit from this. We are looking to confirm that the regulatory framework is both practical and financially sound for those considering a move to the UK from other locations.

This announcement is an exciting step forward, and we are ready to help you explore these new possibilities. Please don’t hesitate to reach out to our dedicated Captive team – Chris Sutton, Pete Chesman ACII, Graham McCarthy and Sean Walsh.

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McGill and Partners strengthens its Bermuda leadership with two appointments

McGill and Partners has appointed Julia Henderson as Partner and CEO of its Bermuda business, subject to required approvals. George Cantlay, who currently works in the firm’s global treaty reinsurance team in London, will take on the additional position of President of the Bermuda business.

Julia will play a key role in driving the growth of McGill and Partners’ reinsurance business. Her extensive experience in both traditional reinsurance and Insurance-Linked Securities (ILS) will strengthen the firm’s strategic focus on delivering innovative, efficient, and regulatory-compliant risk transfer solutions.

Julia brings over 20 years of experience in Casualty, Specialty, and Property Reinsurance, highlighting her strong track record in operational and strategic excellence. As President, George will oversee the production and placement of reinsurance, working across multiple lines of business.

The two leadership roles reflect McGill and Partners’ continued investment in the Bermuda reinsurance market and the firm’s strategic focus on strengthening business and leadership in the region.

Steve McGill, Founder and CEO of McGill and Partners, said: “I’m delighted to welcome Julia to McGill and Partners, joining the Bermuda team alongside George as he takes on his new position. These appointments will continue to strengthen our ability to serve clients with the precision, agility and insight they’ve come to expect – positioning us at the forefront of specialty reinsurance broking.”

McGill and Partners Launches Cybersecurity Insurance for the Battery Energy Storage Market

McGill and Partners announces the launch of a new, cybersecurity insurance solution for the Battery Energy Storage Systems (BESS) market.

The energy sector’s critical role in global infrastructure makes it an increasing target for cyber threats. As reliance on interconnected systems grows, so do the risks, with threat actors often exploiting operational dependencies and vital infrastructure.

In response, McGill and Partners has developed a tailored cybersecurity insurance solution to address the unique challenges of the battery energy storage sector. The cover is flexible, sector-specific, and offers robust protection to safeguard operations from the ever-evolving cyber risk landscape. This provides battery energy storage clients with protection that addresses the unique risks faced by their sector, unlike more generic, cybersecurity solutions.

The McGill and Partners team has worked closely with its clients to identify potential loss scenarios and develop comprehensive, tailored coverage. Cover is provided by certain Lloyd’s underwriters. The solution includes bespoke terms and definitions aligned with the specific technologies used in the battery energy storage sector, as well as physical damage protection for projects and associated assets resulting from cyber attacks.

The policy also extends to cover increased regulatory costs as a result of the compliance required to meet evolving cybersecurity and resiliency standards. Clients will benefit from physical damage protection and cover is provided for business interruptions, resulting from cyber incidents or technical failures along with access available to a dedicated emergency response team to help minimise operational disruptions following a breach.

Tom Dryden, Partner – Cyber, McGill and Partners, added: “As the cyber threat landscape continues to evolve, we are seeing greater demand from clients for industry-specific coverage. Cyber incidents and technical issues at battery energy storage systems are becoming increasingly relevant as these systems become more integrated into global critical infrastructure and smart grids.”

“At McGill and Partners, we work across different specialties, which enables us to develop tailored solutions that reflect the real-world exposures our clients face. We’re proud to develop a solution for a sector that plays a critical part in the energy transition, ensuring our clients are appropriately protected not just against financial losses from a cyber incident but are also equipped to respond decisively in moments of crisis.”

McGill and Partners Announces Digital-First Partnership with AXA XL

McGill and Partners announces a groundbreaking digital-first partnership with AXA XL’s UK & Lloyd’s Business, aimed at driving innovation and enhancing efficiency in risk placement.

This new digital placement initiative aligns AXA XL’s risk appetite across multiple lines of business with McGill and Partners’ client portfolio. By digitally identifying in-scope risks, the partnership streamlines both the placement and underwriting process which accelerates quoting for clients.

AXA XL’s underwriters will benefit from valuable insights into risk selection and exposure management through a customised dashboard, ensuring greater visibility in managing overall exposure while maintaining underwriting standards throughout the process. The partnership is helping to simplify what can be a complex process.

By automating and aligning risk appetite, the partnership aims to increase the speed and overall improve the ease of placement for clients. The partnership is built on McGill and Partners’ proprietary Underscore broking platform, and the capability may be rolled out to other partners in the future, further expanding its impact across the industry.

Steve McGill, CEO at McGill and Partners, said: “We’re thrilled to launch this partnership with AXA XL’s UK & Lloyd’s Business, who share our ambitions for a more efficient, innovative and digitally enabled insurance market. Our firm has been built on digital first principles, with a deep belief in the power of innovation to transform and improve outcomes for our clients. This partnership is another significant step which will enhance our clients’ experience.”

Sean McGovern, CEO, AXA XL, UK & Lloyd’s, said: “We are pleased to announce our strategic, digital-first partnership with McGill and Partners. This collaboration is a significant step in our market connectivity and digital underwriting journey. It allows us to harness the power of structured data and digital connectivity to deploy capacity efficiently on a risk-by-risk basis. This partnership not only enhances our trading relationship with McGill and Partners but also strengthens our position to deliver exceptional value to clients in a competitive landscape.”

One year on, progress of insurance industry Fire Safety Reinsurance Facility revealed

One year on from the launch of its Fire Safety Reinsurance Facility (the Facility), the insurance industry can share its positive impact.

In the first nine months, over 680 buildings have been entered into the Facility, with a total sum insured of £14.9 billion. This includes examples of high-risk buildings with fire safety issues being able to secure insurance when they otherwise would not have had cover, and evidence of reduced premiums for leaseholders.

Launched on 1 April 2024, the Facility was established as an industry intervention to improve capacity in the multi-occupancy buildings insurance market. In turn, this should support leaseholders in England, Wales and Northern Ireland, and flat owners in Scotland, who face high insurance premiums while living in high-risk buildings with combustible cladding and fire safety issues.

By working with reinsurers, the Facility allows insurers to spread the risk these buildings pose. Its intention is to increase the capacity insurers have to provide cover to high-risk buildings, thereby encouraging competition in the market and the availability of insurance for these buildings. Over time, it is hoped that more competition in the market would lead to a reduction in insurance costs for those leaseholders in buildings that have been worst affected by fire safety issues.

The ultimate solution to support leaseholders for the long term remains the urgent need for remediation to a standard that protects both life and property. However, the industry can share that – in its first year – the Facility is working as intended. The expectation is that progress will continue with more buildings being included in the Facility over the next two to four years while remediation work takes place.

Creating more capacity for insurers

Before the Facility was launched, most insurers had very little capacity to provide cover for buildings with fire risk issues that weren’t already on their books. The Facility has enabled insurers to increase this capacity, allowing them to provide more cover for buildings they already insured, and insure more buildings as new business. This includes buildings which may have previously been uninsured, or were covered elsewhere with higher premiums by another insurer or group of insurers.  

Examples of buildings that have been supported in the Facility include one that had not been able to obtain any insurance since mid-2023, which is now covered with a premium that’s 60% less than quotes from outside of the Facility. Another example includes a large residential block of flats which has combustible polystyrene cladding and does not have a sprinkler system installed. Although remediation works are being planned, it’s unlikely these will be completed for several years. The building’s previous insurer was unable to renew its insurance policy due to the building’s risk, however the broker was able to secure cover from a different insurer with capacity provided through the Facility.

Addressing complicated ‘layered’ insurance and offering better terms

One of the reasons behind increased premiums for high-risk buildings was the need for several insurers to be involved in providing cover for one building, as the risks posed by fire safety issues were too significant for one provider to cover on its own. This created a ‘layered effect’ which added to the total cost of cover. The Facility has worked as intended to address this, with insurers able to cover an entire building, or a greater percentage of the building, than they otherwise would have been able to.

One example includes residential apartments in blocks between four and 11 storeys high covered in combustible cladding. The blocks were previously insured across a number of different insurers at £278k, and are now covered by one insurer via the Facility with a premium saving of 17%. Another example is a large block of flats with combustible cladding which was previously insured by several insurers at around £300k, and is now insured by one insurer via the Facility at a premium 37% less than previously charged.

A further benefit has been many examples of buildings within the Facility receiving better terms than they would have if the Facility did not exist. For example, without the Facility, they may have had restrictions in cover such as limits or excesses, or a lack of complete cover.   

Impact on premiums

The industry intended that, by expanding capacity in the market, some leaseholders may see some reduction in premiums. There has been evidence of premium reductions for buildings within the Facility. This includes one building of 144 residential flats which still has combustible cladding, after being entered into the Facility, the building’s premium reduced by 28% and with an improved level of cover. Another example includes a seven-storey building in need of remediation which experienced a 54% saving in premium by being entered into the Facility.

The Facility cannot support all buildings equally and some may have seen greater premium reductions than others. Whilst some buildings may not have seen their premiums reduce at all, by being included in the Facility they’ve managed to stay insured, or may have secured a better level of cover than would otherwise be the case. Other factors, such as the type and age of a building, its previous claims history, and the risk of escape of water, continue to be considered alongside a building’s fire risk.

Government support and remediation efforts

The Facility is a commercial intervention to support leaseholders facing high insurance costs. As part of its Remediation Acceleration Plan, the UK Government expressed interest in exploring options for how it could further assist the insurance industry to tackle high premiums for the duration of the remediation programmes. We welcomed this and are actively engaging with government on this topic.  Available options that we have previously outlined to Government include cutting Insurance Premium Tax, which would provide a 12% reduction in costs.

The industry has long maintained that remediation to a standard that protects both lives and property remains the only long-term solution. The current focus on ensuring people can escape the building in the event of a fire is essential. However, insurers have to also consider the impact a fire would have on the building when setting premiums. We have urged the UK’s governments to factor the fire risk for the entire building into remediation standards, to improve its resilience and reduce the risk of fire damage to the building, and people’s homes. Fundamentally, everyone deserves to live in safe buildings. If a building is made resilient beyond the minimum standard required for life safety, it will have a lower risk, which is reflected in the cost of insurance premiums. The ABI plans to publish a report with the Fire Protection Association (FPA) setting out how the industry assesses fire risks later this year.

Steve McGill CBE, Founder & CEO, McGill and Partners said:  “One year after launching the Fire Safety Reinsurance Facility, it’s incredibly rewarding to see the tangible benefits it has delivered for leaseholders facing insurance challenges due to fire safety risks. I’m immensely proud of what our team at McGill and Partners has achieved in improving insurance outcomes, and we remain dedicated to driving further progress in this critical area.”

“As specialists in developing innovative solutions for complex and high-risk scenarios, we will continue working closely with our insurer and reinsurer partners to expand access to affordable, comprehensive cover in our industry. In the first year, the Facility has proven itself as a competitive market solution to drive a positive impact, and we are excited to build on its success in the years ahead.”

Hannah Gurga, ABI Director General, said: “The financial and emotional strain that leaseholders have experienced while living in buildings with high fire-risks is something that our industry is very aware of and remains determined to do what it can to address.

“The launch of the Fire Safety Reinsurance Facility last year was the culmination of extensive efforts by McGill and Partners and the wider insurance industry to support those affected, and I’m encouraged to see the progress it has made within its first year. The Facility is intended to run for the next two to four years while remediation work takes place, and we hope to see more buildings and leaseholders supported through the Facility during this time. We will continue to discuss options with Government on how it could support leaseholders further and welcome their interest in this. It remains the case that remediation to a standard that protects people’s lives as well as their homes is the only long-term solution.”

Graeme Trudgill, Chief Executive at the British Insurance Brokers’ Association (Biba), said: “The facility is an excellent example of our industry coming together to support leaseholders living in buildings that require fires safety remediation. We now see far fewer cases requiring complex layered reinsurance placements which is a direct effect of the facility bringing new capacity and stimulating competition. We have also seen many case studies sent to us by our members that show significant premium savings of up to 60% once a risk is placed using the facility. We continue to work with Government on ideas to accelerate the pace of remediation and we know from experience that our members can negotiate premiums further down once a building is made fire safe.”