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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
**$19B** weekly insurance broker volume signals PE exits at cycle highs, with specialty intermediaries now trading within **240bps** of retail multiples.
$2 billion
acquisition of a majority stake in London specialty broker…
1.8x forward revenues
for a business writing specialty lines across Lloyd's syndicates…
$17 billion
valuation to Clayton Dubilier &
3.2x gross multiple
on a hold period initiated in 2019
EQT completed its $2 billion acquisition of a majority stake in London specialty broker McGill and Partners from Warburg Pincus on Monday, closing a transaction that began circulating in June and represents the second-largest insurance broker deal closed this quarter. The Swedish buyout firm paid 1.8x forward revenues for a business writing specialty lines across Lloyd's syndicates and reinsurance intermediation, according to two sources familiar with the transaction structure. Warburg retains a minority position estimated at 18 percent.
The deal landed in a week that saw KKR finalize its exit from USI Insurance Services at a reported $17 billion valuation to Clayton Dubilier & Rice, delivering KKR a 3.2x gross multiple on a hold period initiated in 2019. Combined, the two transactions represent $19 billion in insurance broker capital deployment within seven trading days, the fastest weekly pace since the sector's last liquidity surge in fourth quarter 2021. Both exits signal that large PE sponsors view current insurance broker multiples as near-peak, with secondary sponsors willing to underwrite replacement yields at 12-14 percent levered returns on current premium growth assumptions.
McGill operates as a Lloyd's specialty intermediary with $420 million in trailing revenues and exposure concentration in marine, aviation, and political risk lines. The firm has built relationships with 38 Lloyd's syndicates and maintains distribution into Bermuda reinsurance capacity, a footprint that positions it as infrastructure for specialty program flow rather than retail commission capture. EQT's entry thesis centers on cross-border program expansion and Lloyd's syndicate M&A rollup, where McGill's managing general agent relationships provide deal flow visibility into smaller specialty writers trading at 8-11x EBITDA. The structure mirrors EQT's 2020 entry into reinsurance broker Aon Benfield's carved-out treaty division, which subsequently acquired four regional reinsurance brokers before a 2023 exit to Blackstone at 2.4x cost basis.
The insurance broker secondary market now reflects bifurcation between scaled retail platforms trading at 16-18x EBITDA and specialty intermediaries holding at 12-14x on lower but stickier revenue streams. McGill's transaction multiple sits near the upper end of specialty comparables, reflecting Lloyd's distribution scarcity and the firm's 92 percent client retention rate across renewal cycles. For allocators, the compression in specialty multiples versus retail multiples has narrowed to 240 basis points from 410 basis points in 2022, indicating that yield-focused secondaries now price specialty platform scarcity closer to retail scale.
Operators should track EQT's first twelve months of bolt-on activity within Lloyd's, particularly targeting managing general agents with $40-80 million revenues where McGill's syndicate relationships create proprietary deal flow. Warburg's retained stake suggests an exit timeline of 24-30 months, likely through a secondary sale to a longer-hold infrastructure fund or a strategic sale to Marsh McLennan or Aon. KKR's USI exit removes $17 billion in dry powder demand from the insurance broker M&A pipeline, leaving Blackstone, CVC, and Apollo as the primary large-check buyers for platforms exceeding $300 million EBITDA.
The week's $19 billion in broker volume marks the sector's transition from growth-stage sponsorship to yield-focused secondaries pricing duration over growth, a shift that typically precedes twelve months of multiple compression before stabilization.
Branded by POPS4 · proof in 60 seconds
For the principal
Watch for Lloyd's specialty broker carve-outs in next six months as sponsors seek liquidity before multiple compression deepens further.
For the operator
Track EQT's bolt-on cadence at McGill for signals on when specialty intermediary multiples compress toward 10x EBITDA equilibrium.
For the house
Short insurance broker multiples via paired trades against reinsurers; cycle peak pricing evident in $19B weekly secondary volume.
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