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EQT$EQT · filed: grew revenue 63.9% in FY2025 to $8.6BWeathered boatTrillion Score 473Fall Risk HighNext year $5.8B–$19.7B sealedCheck ▾Close ▴
What EQT filed
Grew revenue 63.9% in FY2025 to $8.6 billion, operating margin 37.6% against a 16.8% median for crude petroleum & natural gas, equity 56.8% of assets, and dividend per share up 4 years running. Every figure links to the filing it came from on EQT’s card. Weathered boat: two warning signs. Trillion Score 473, #38 of 49 in its field; Fall Risk High (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $5.8B and $19.7B, an 80% range sealed on 26 Sept 2026 · receipt #7727f6 · graded in public by the revenue in EQT’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
PE is splitting insurance bets—buying margin in specialty lines, exiting multiple expansion in brokerage platforms.
$2 billion
this week
$17 billion
The timing is not coincidental
20-plus
bolt-on acquisitions since 2012
3.2x
gross multiple for KKR
Swedish buyout firm EQT acquired a majority stake in London specialty broker McGill and Partners from Warburg Pincus for $2 billion this week. The same week, KKR exited its USI Holdings position in a transaction valued at $17 billion. The timing is not coincidental. Private equity is rotating capital within insurance—buying into specialty underwriting businesses while monetizing consolidated brokerage platforms that have reached scale.
McGill and Partners operates in specialty lines: marine, aviation, political risk, complex liability. Warburg Pincus backed the firm's 2021 spinout from Marsh. EQT is now the majority holder. The $2 billion purchase price reflects a business generating low nine-figure EBITDA with double-digit organic growth, according to two placement agents familiar with the sector. USI, by contrast, is a scale aggregator—KKR assembled the brokerage through 20-plus bolt-on acquisitions since 2012. The $17 billion exit represents a 3.2x gross multiple for KKR, per sources close to the transaction. The buyer is a consortium led by Silver Lake and a Canadian pension fund.
The divergence matters. Specialty underwriting businesses benefit from pricing power in niche, capacity-constrained lines. Brokerage aggregators benefit from cost synergies and multiple arbitrage. KKR's exit suggests the multiple expansion phase for large, multi-vertical brokers has matured. EQT's entry into McGill signals belief that specialty margin—particularly in London market lines—can withstand a softening cycle. Reinsurance capital has been flowing into specialty classes since mid-2023, but McGill's book is weighted toward broker-originated placements where relationships, not capacity, drive economics. That structural advantage commands a premium in a market where 15-20 large brokers now compete for the same mid-market accounts.
Operators should watch three things. First, whether EQT deploys follow-on capital to expand McGill's U.S. footprint—London specialists with New York traction can command 25-30% EBITDA margins. Second, how Silver Lake structures USI post-acquisition. If the buyer initiates a new bolt-on program within 12 months, it signals confidence that broker roll-up math still works at mid-teens multiples. Third, whether other mega-funds—Blackstone, Carlyle, TPG—accelerate exits from insurance assets acquired in 2020-2022. The USI transaction sets a clearing price for scaled platforms. The McGill deal sets a floor for specialty.
EQT closed $22 billion for its tenth flagship fund in 2022. Insurance services now represent roughly 8% of that fund's deployed capital. The firm previously backed Ryan Specialty and Alera Group. Warburg's exit from McGill after three years implies an IRR in the low-to-mid 20s—a clean outcome for a non-control stake taken during a crowded vintage. KKR's USI realization, meanwhile, returns roughly $11 billion in net proceeds to limited partners, the largest single insurance exit in the firm's history. That capital will reprice risk. The question is whether it flows back into the same asset class at lower entry multiples, or rotates elsewhere. Two deals this size, in one week, provide the market's answer: specialty still has room. Aggregation has run its course.
Branded by POPS4 · proof in 60 seconds
For the principal
Track whether your current managers hold aged broker platforms—exit windows narrow when mega-funds set clearing prices at scale.
For the operator
Model specialty underwriting exposure separately from brokerage consolidation plays—margin durability diverges sharply in a softening cycle.
For the house
Huang Goodman positioned clients long specialty MGA equity in Q4; the McGill valuation confirms our underwriting margin thesis remains intact.
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