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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.
across six continents since launch and employs roughly
$87 billion
in disclosed private equity AUM
EQT closed a $2 billion majority acquisition of McGill & Partners from Warburg Pincus, securing control of the London-based specialty broker less than four years after Warburg backed founder David Ross in the 2019 spinout from JLT Specialty. The transaction settles during the same week KKR exited USI Insurance Services in a $17 billion sale to Centerbridge and Stone Point, marking a rare convergence of two ten-figure insurance intermediary realizations.
McGill operates in reinsurance, specialty lines, and facultative placement—segments where broker fee compression has been offset by premium inflation and capacity tightness since 2021. The firm has opened 14 offices across six continents since launch and employs roughly 1,400 professionals, the majority in London and Bermuda. Warburg backed the original management buyout with an undisclosed equity check; sale proceeds at $2 billion suggest a mid-single-digit equity multiple, though Warburg held a minority stake and exact IRR depends on unreported follow-on capital. EQT's entry marks its third disclosed insurance brokerage investment in eighteen months, following minority positions in Hub International and a European specialty platform.
The timing is worth isolating. Two multi-billion exits in one week reflect a private equity exit window that has been closed for nearly two years. Both transactions bypassed traditional IPO paths and moved through direct sponsor-to-sponsor or consortium structures, a pattern that has emerged as the dominant liquidity mechanism since public listings for mid-market brokers stalled in 2022. The insurance distribution sector now represents $87 billion in disclosed private equity AUM, and EQT's entry at $2 billion suggests platform valuations have stabilized near 12-14x EBITDA for scaled specialty brokers with diversified revenue streams. McGill's fee mix tilts toward facultative reinsurance, where relationships with Lloyd's syndicates and Bermuda carriers provide structural margin protection that retail brokers lack.
Operators should track whether EQT uses McGill as a consolidation vehicle for smaller specialty shops in London, Bermuda, and Singapore over the next 12-18 months. The firm's prior playbook with Hub International emphasized tuck-in acquisitions at 6-9x EBITDA with earnouts tied to retention, a model that works when the platform trades at a 4-6x multiple premium. Allocators should note that Warburg's exit clock ran four years from entry to realization, compressed relative to the six-to-eight-year hold periods common in pre-2020 sponsor-backed broker deals.
EQT paid $2 billion for cashflows that depend on Lloyd's capacity deployment and facultative treaty pricing, both of which tighten when catastrophe losses spike. The bet is on intermediation margin, not underwriting profit.
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For the principal
Track whether EQT deploys co-investment capital into McGill tuck-ins; these deals move at 6-9x EBITDA with earnout structures favoring allocators.
For the operator
Watch McGill's Bermuda and Lloyd's faculty volumes over next four quarters; margin compression in those segments precedes broader specialty repricing.
For the house
Named accounts hold three UK specialty brokers; if EQT consolidates London shops, we exit minority stakes at 10-12x trailing before overlap erodes pricing.
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