Insurance broker Steve McGill and insurance executives have partnered with global private equity firm Warburg Pincus to launch a new risk business for corporate clients.
The company will offer access to risk capital globally, with the business headquartered in London and a centre of excellence in New York. Further operating hubs are planned elsewhere in due course.
Clients with complex insurance requirements will benefit from the experience of Steve McGill, former group president of Aon, as well as Oliver Corbett, former CFO of Hyperion, Stephen Cross, former chief innovation officer of Aon Risk Solutions, Denise Garland, former COO of Tokio Marine Kiln, and a number of other senior insurance executives. The leadership team will also include Dominic Casserley and Tim Wright, who will join as non-executive directors.
The build-out and growth of the business will be financed through an initial equity commitment of up to $250m from funds affiliated with Warburg Pincus and a substantial additional commitment from management.
The transaction is expected to close in May 2019.