Insights

Gender Pay Gap Report 2022

We have set out to be intentionally inclusive, whether that’s in life experience, background, race, age, gender identity, sexual orientation, disability, or neurodiversity and are proud of the work we are doing in this space.

Recognising that sameness breeds sameness and that there is strength in breadth, we are committed to having a diverse and engaged workforce.

This report sets out our 2022 Gender Pay Gap reporting information for McGill and Partners UK. 2022 marked our third full year of trading and we have continued to build the business at pace, in accordance with our core principles of the Contract of Trust and being intentionally inclusive.

We are mindful of our Gender Pay Gap and that we need to continually work towards having greater female presence in senior roles within our firm. We are proud to have won the Insurance Insider Honours Award for Diversity and Inclusion in 2022 and are committed to continuing to be Changemakers in 2023.

You can read our full report here: 2022 Gender Pay Gap Report – McGill and Partners.

Parametrics create certainty for clients, ensuring quick recoveries post-catastrophe

The simple, binary structure of the product enables capital providers to confirm pay-outs faster than traditional (re)insurance products.

Parametric (Re)insurance is an indexed based product that offers recoveries based upon pre-defined trigger events (peril, location and severity). At McGill and Partners, we structure each contract on a bespoke basis to reflect the needs of our clients – we look to understand and mitigate the inherent basis risk in these products and believe they offer an attractive and complimentary alternative option to our clients. 

Parametric products are a powerful mechanism when fast and efficient recovery is needed or is preferable – the speed of pay out can mitigate or reduce loss development thereby having a positive effect for the insured. 

Capacity for structured products is flexible – meaningful limits are available to address the larger capacity challenges of our clients but also as the structuring costs are not onerous it can also be used to efficiently address smaller challenges.

The binary process, which provides clarity on loss and speed of payment, is very attractive to both insureds and cedents – certainty of position is attractive to both buyer and seller.

The parametric product creates certainty for the client and eliminates questions on whether certain assets or underlying coverages are within scope, something very topical during covid. Parametrics can often be structured and placed with minimal information and therefore underlying assets are not questioned.

For example, if a retail client suffered no Property Damage in an earthquake but suffered a Business Interruption loss due to closure of stores, the client could receive a pay-out if the severity of the earthquake was triggered.

We are currently working with clients on products that would recover in another Pandemic or suffer losses from ongoing global uncertainty.

In 2021, there were number of events including Winter Storm Uri, the European Floods and finally Hurricane Ida, which triggered more interest from clients, who sought more index-based products for Catastrophe perils. Technology Platforms and MGAs are focussed on live, as well as historical information, which is generating more robust data and enabling McGill and Partneto create more bespoke and effective structures to recommend to our clients.

New capital is also seeking more ways to get closer to the original risks and the product takes it either onto the Insurance programme or one step back via Reinsurance. Certain capital is seeking ESG focused products and as these programmes are aggregated and tailored to class and territory, the product can be tailored to the non-traditional carriers.

McGill and Partners has established a core working group, encompassing colleagues from a multi-class background from our Insurance, Reinsurance and Capital Market teams. We have been working with both Insureds and Reinsureds, either securing single peril coverages on Insurance programmes, or designing bespoke Parametric coverage across Cedent portfolios.

McGill and Partners are perfectly positioned to advise on this product, as the firm works across a single P&L, providing access to clients and capacity across all teams. It enables a unique perspective on structuring, with full support from our Catastrophe and Actuarial modelling teams.

“Family First” – A reflection on the value of paternity leave

“Family first” a statement that is true for almost everyone, but something that isn’t always openly talked about or in fact encouraged within the business setting. Working long hours and often missing out on key moments in family life is commonplace when you’re constantly striving to achieve and obtain recognition in the workplace. Not, however at McGill and Partners.

I write this looking back at an unforgettable 6-month paternity leave. Six precious months spent with my new-born son Henry, 2-year-old daughter Elsie and wife Erin.

That time has allowed me to become an integral part of family life, strengthening the bond between my children and I at a critical stage in their development. The brain is the only organ not fully developed at birth and 90% of critical brain development happens in the first five years of life. Therefore, the McGill and Partners paternity leave policy has not only given me a wonderful experience and memories that I can cherish, but, quite literally, the opportunity to help create the foundations of a secure family setting that will have psychological benefits for my children for their lifetime.

Of course, those 6 months were not always easy; but it has allowed me to truly appreciate the challenges of full-time parenting. The meltdowns, the routines, the unachieved plans, the negotiations and, perhaps most of all, the patience. I have learnt a lot about myself, and it has helped me to develop various skills that will benefit every aspect of my life. Being a parent is one of the most challenging, yet rewarding jobs in the world, and I am grateful that I could be a constant part of it all during my paternity leave.

“In 2019 we established McGill and Partners with the remit to build a company that differentiates itself through its inclusive culture and leading-edge working practices, underpinned by our Contract of Trust. Our family friendly policies are an example of this, and we are delighted that so many of our colleagues, including Oliver and his family, have taken them up and enjoyed precious time with loved ones.  We are also proud of the fact that other companies in our sector are following our lead and introducing similar policies.”

Toby Sisson, Group Head of HR

It seems odd to me now, that this is time that we will never get to spend together again, building the foundation blocks for our family, but even odder that this extended period of paternity leave is not in any way common place within businesses in the UK. Having experienced it myself, all I can say now is that it really should be, and I hope that by sharing my experience it may spark a conversation in other UK businesses to perhaps consider doing the same.

It makes me very proud to be working for a company that understands the importance of family and unashamedly so. They understand that by giving us, their employees, time to enrich our family life, it not only benefits us, the employee, and our family, but it will also benefit the business in the long run, by facilitating a much healthier, happier and more productive workforce.

Thanks to McGill and Partners and my incredible team for making the last 6 months possible.

Lived Experience Campaign

At McGill and Partners, we are proud of our inclusive culture and celebrate the unique strengths each of our colleagues bring to both their professional and personal lives.

Over the last year, we have run the McGill and Partners Lived Experience campaign to provide all colleagues with a deeper appreciation of the unique set of challenges some of our colleagues’ face or have faced in their lives. The aim was to increase openness; to drive discussion and continue to build a company based on inclusivity. We recognise that, as a new broker, we have an opportunity to be different by design and ensure that our commitment to diversity and inclusion goes beyond lip service or empty promises. As part of this commitment, we are proud that we have built a culture where colleagues feel comfortable enough to volunteer and to be filmed telling their stories for the entire company to watch. These videos are shortened versions of the full-length videos.

We would like to thank every colleague involved.                            

They are our Changemakers.

Our Campaign

First Episode: It’s OK not to be OK

Chris Stevenson talks candidly about his personal experience of mental health and the support he has found along the way.

Second Episode: But where are you really from?

Rebecca Mason talks about living with everyday racism and its associated microaggressions. She speaks powerfully about the need for the insurance industry and beyond, to adapt and recognise the importance of a diverse workforce.

Third Episode: Thank God it happened in 2016

Claire Powell talks about her cancer journey and how the culture at McGill and Partners has enabled her to find the right work-life balance post cancer.

Fourth Episode: Creating a long-lasting legacy

Harry Watkins talks about losing his twin brother and how he and his family hope to help others through the Charlie Watkins Foundation.

Fifth Episode: Grief never leaves, it just evolves

Shannan Fort talks about her love for her brother and how his death made her examine everything she thought she knew about grief and how she has learned to live with it. Shannan advocates being authentic at work and how McGill and Partners enables this.

Sixth Episode: Abuse doesn’t need to be physical

A colleague bravely talks about being in a coercive, controlling relationship and the sanctuary that work can bring to people in such relationships.

McGill and Partners expands its US operations and opens its New York HQ

The firm’s entrance into the world’s largest (re)insurance market reflects continued strong momentum and organic growth.

New York – 12 July, 2022 – McGill and Partners, the global boutique specialist (re)insurance broker, has expanded its operations in the US and opened its US HQ in New York. The announcement follows two years of strong international growth for the firm, including significant high profile client wins, notwithstanding the challenges of a global pandemic and ongoing global market uncertainty.

McGill and Partners was founded in May 2019, following significant financial backing from Warburg Pincus, one of the oldest private equity firms in the world. Since then, the firm has driven one of the most ambitious talent acquisition strategies the broking world has ever seen and has become a destination of choice for some of the brightest talent in the industry.

McGill and Partners has grown rapidly to 428 colleagues globally serving over 400 client accounts, whilst placing circa $3bn of gross written premium into the London and international markets in 2021.  The company is one of the fastest growing specialty (re)insurance brokers in the world, with revenues of $60m in 2020; $123m in 2021; and is on target to exceed 65% organic revenue growth for the first half of 2022 with strong momentum for the full year.

As it continues its rapid expansion, the Company has announced the appointment of Joe Trotti as President and Warren Mula as Executive Chairman of the US operations.  With more than 30 years’ industry experience in leadership positions with AIG, Willis and JLT, Trotti is an expert in developing bespoke (re)insurance solutions.  He will assume the role of President alongside his duties as Global Head of Aviation & Aerospace.

Mula joined McGill and Partners after 40 years’ service with Aon, having previously served as President of Aon Risk Solutions and CEO of Aon Broking.

Trotti and Mula, will be responsible for leading the US business alongside Steve McGill (Group CEO) who will hold the additional position of Acting US CEO.

“We are excited to bring a unique and flexible partnership model to the world’s largest (re)insurance market and to be a disruptor in this space.  We operate as one team internationally, navigating the entire (re)insurance value chain to deliver highly effective risk transfer solutions to the most sophisticated clients.

“With Joe and Warren leading our US operations, we have two noted industry figures, with decades of specialist broking expertise, who will build out our team whilst reinforcing our unique culture and practitioner led offering,” said Steve McGill, Founder and CEO of McGill and Partners.

“We believe the US market will find McGill and Partners’ customized approach to be a refreshing change. We were established under the principles of doing things differently.  We are selective in the clients we work with and the firms we partner with. We are proud of what we don’t do and will continue to live by our commitment to focus ‘narrow and deep’ in our specialist areas of expertise.” said Joe Trotti.

“Our culture is what sets us apart right from the get-go. We believe in being an undivided team, working flexibly with clients and strategic partners to find solutions to the most complex and challenging needs. Wherever the talent exists, the solution exists. All colleagues are owners in the business, which reinforces our colleague centric approach focused on delivering the best results possible for our clients.” said Warren Mula.

James O’Gara, Managing Director at Warburg Pincus commented: ‘The progress made since McGill and Partners was founded in 2019 has been beyond our most positive expectations. It is remarkable that in only three years from start-up, the firm has grown to become a major player in the highest tier of the industry, with a proposition that has clearly resonated with top clients and talent. The firm’s expansion into the US marks an important next step for the business as it expands its support for clients and works in partnership with other high quality brokerage firms and insurers in the largest (re)insurance market in the world.”

McGill and Partners is licensed to operate in all 50 US states. With its newly opened US headquarters, located in Rockefeller Plaza, in New York City, the US operations consists of 60 experienced professionals.  They specialize in Property, Aviation & Aerospace, Marine & Cargo, Financial Lines (D&O, M&A, Cyber), Structured Solutions, Facultative and Treaty Reinsurance. 

McGill and Partners is focused on the larger clients and/or clients with complex and/or challenging needs. This client base, which is predominantly being served by the global brokers, is typically highly sophisticated and is looking for alternative options, particularly in the design, structuring and placement of their (re)insurance needs. McGill and Partners provides customized solutions to this segment and, dependent upon client need, works in partnership with other leading high-quality brokerage firms and/or (re)insurers to provide superior solutions and services to these clients. McGill and Partners has a one-team approach that includes an industry leading capital intermediation model that has McGill and Partners accessing the entire (re)insurance value chain to deliver exceptional results to clients.

The opening of its US headquarters is part of McGill and Partner’s ambitious plans to grow its client base in the world’s largest (re)insurance market. The New York City office complements McGill and Partners’ operations in other leading (re)insurance markets, including London and Bermuda.

About McGill and Partners

McGill and Partners is one of the fastest growing boutique (re)insurance brokers in the world. It was launched in 2019 and the firm has significant backing from funds affiliated with Warburg Pincus, a leading global private equity firm. McGill and Partners has centres of excellence in London and New York with a presence in the UK, the US, Ireland and Bermuda. McGill and Partners is licensed to place business in all 50 states, on a direct, surplus lines and reinsurance basis with its US headquarters located in the Rockefeller Center, in New York City. 

For further information, please visit www.mcgillpartners.com

Media contacts

Alistair Kellie / Peter Tulupman / Zoë Sibree / Charlotte Coulson

SEC Newgate Communications

Email: McGillGlobal@secnewgate.co.uk

Diversity and Inclusion at McGill and Partners

A year ago we wrote ‘Whilst there are some clear examples of success, overall the (re)insurance industry has failed in its attempt to attract and retain a diverse talent pool at all levels.’ We are pleased to say, since then, we have actively seen positive change at McGill and Partners.

As we develop as a business our core ethos remains unchanged, we believe that a diverse and engaged colleague base brings fresh perspectives that help us to deliver innovative solutions for our clients.

We continue to build a business that attracts and retains the most talented and creative minds in (re)insurance broking industry and beyond, and inclusivity is key to our growth ambitions. We have recruited over 154 new colleagues in the past year alone and are proud to see our colleague base grow and develop; working as one team to deliver to our clients, our partners and one another. 

Our diversity statistics

We don’t treat D&I as a tick box exercise, instead we see diversity as core to the growth of our business. To show our commitment we promised to be completely transparent and publicise our diversity statistics. We stand by this.

While they show positive changes, of which we are very proud, we will not stop. We will continue to do more.

This data below is based on our colleague base as at 31st December 2021. As we have done this year, we will update these statistics on an annual basis and look forward to demonstrating significant improvements over the next few years and beyond. We have set clear internal metrics on where we want our diversity mix to be.

1. Gender

2. Ethnicity

3. Sexual Orientation

Our key initiatives

We believe our culture and strengths are what set us apart in the market and what drives our extraordinary talent to join, and to stay with us. Our culture is represented in the initiatives we have implemented to improve diversity and inclusion at McGill and Partners for 2022 and beyond:

1. Flexible working structures

We have established a ‘Contract of Trust’ with all our colleagues which allows us to apply leading-edge practice with regards to maternity/paternity leave as well as fully flexible working hours and holidays without set limits.

2. Executive leadership bonus risk

Our Exec team have agreed to put an element of their individual bonus at risk on an annual basis which will be dependent on the improvement of our annual company diversity stats. This demonstrates that we intend to profoundly improve our stats year-on-year. 

3.Being bold in recruitment

We are committed to increasing social mobility within the insurance broking sector and have successfully partnered with a social mobility charity, which has led to our very successful McGill and Partners Apprentice programme. We have also introduced a number of core principles for our recruitment process which focuses on diversity of shortlist.

4. Introduction of Colleague Resource Groups (CRGs)

We have now established 5 Colleague Resource Groups across the firm: Pride at McGill, EDGE (Ethnically Diverse Group of Employees) at McGill, WISE (Women in Search of Equality) at McGill, McGill Minds (Mental Health First Aid Group), and The Collagen Club (Menopause Support). These groups help to foster awareness, respect and inclusion and promote the causes of the diverse groups they represent.

5. Partnering with purpose

We partner with The Steelers, the world’s first gay-inclusive rugby union club and their affiliated club The Vixens, and a social mobility charity, The Brokerage to run our highly successful Apprenticeship programme. As part of our focus on social mobility and digital poverty we engaged with local schools to provide laptops and IT equipment. We are currently engaging with charities to help with the Ukrainian refugee crisis. Every colleague is expected to take personal responsibility and ensure we build a truly diverse and intentionally inclusive business. 

If you would like to explore opportunities to work at McGill and Partners, please apply here.

Gender Gap Pay Report 2021

We have set out to be intentionally inclusive, whether that’s in life experience, background, race, age, gender identity, sexual orientation, disability, or neurodiversity and are proud of the work we are doing in this space.

Recognising that sameness breeds sameness and that there is strength in breadth, we are committed to having a diverse and engaged workforce

This report details our 2021 Gender Pay Gap at McGill and Partners Limited. The Gender Pay gap reflects the fact that we are a new business in a sector that has historically not been known for its diversity. We have recruited market leading talent, and this has set us up for success. We are very proud of what we have achieved, however, as we build out our business, we need to ensure that we continually invest in talent that is diverse in order to maximise the potential of the firm.

You can read our full report here: 2021 Gender Pay Gap Report – McGill and Partners.

Pride at McGill and Partners

The insurance industry hasn’t always been recognised for having a diverse and inclusive workforce, especially when it comes to members of the LGBTQ+ community.

As a new broker, set to do things differently, McGill and Partners want to be a catalyst for positive change, addressing this issue as a vocal ally in the sector.

We’re creating a safe and inclusive environment and we want all our colleagues to feel confident bringing their whole identity to work. The most important asset in our firm is our people and we’re committed to empowering everyone to achieve their full potential, regardless of their sexuality or gender identity.

We’re also joining Link – the LGBTQ+ Insurance Network – on their mission to make the insurance industry the employer of choice for the LGBTQ+ community, highlighting needs and issues and raising money for LGBTQ+ charities. We’re delighted to be sponsoring this year’s Link Insurance Pride 2021.

Celebrating Pride 2021

Diversity is critical for any strong team, and we’re taking every opportunity to be supportive allies of the LGBTQ+ community. To celebrate Pride month, we’re hosting unique events for our clients and colleagues to highlight the invaluable contributions of LGBTQ+ people to society:

Equality in sport: A conversation with Anita Asante

3rd June, 4.30-5.30pm BST

Anita Asante is the former England football defender and 2012 GB Olympian with 71 international caps. Anita is both a sportsperson and seasoned academic, using her voice to advocate for minority groups as an Ambassador for Show Racism the Red Card and Amnesty International UK.

We invited Anita to talk about leadership, the importance of diversity to high performing teams, and challenging perceptions.

LGBTQ+ arts: A conversation with Clare Barlow

June 30th, 4:30-5.30pm BST

Clare Barlow is the curator of the Tate’s acclaimed exhibition: Queer British Art 1861-1967.

Clare will be talking about how the LGBTQ+ community found itself, found each other and fought for their freedoms in the years before decriminalization – despite setbacks, the queer past is ultimately a story of self-discovery, community and liberation.

Diversity and Inclusion at McGill and Partners

Whilst there are some clear examples of success, overall the (re)insurance industry has failed in its attempt to attract and retain a diverse talent pool at all levels. 

As an entrepreneurial new business, we are determined to change this – not for change’s sake but because we believe that a diverse and engaged colleague base with fresh perspectives is crucial to help us deliver innovative solutions for our clients.

We’re proud to be building a business that attracts and retains the most professional, creative minds in (re)insurance broking and inclusivity is key to our ambition.

No more empty words, let the numbers speak.

Our diversity statistics

Paying lip service to diversity changes nothing – to show our commitment we will be completely transparent and publicise our diversity statistics.

They don’t look good. We intend to do better.

This data is based on our colleague base as at 31st December 2020. We will update these statistics on an annual basis and look forward to demonstrating significant improvements over the next few years and beyond. We have set clear internal metrics on where we want our diversity mix to be.

1. Gender

2. Ethnicity

3. Sexual Orientation

4. Social Mobility

We also looked at social mobility and the social-economic background of our colleagues. Only 5% of our colleagues were entitled to free school meals. Supporting social mobility is one of our firm’s inclusion priorities and we want to attract the best talent, regardless of their background.  Our social mobility statistics have helped us shape our approach to the way we recruit. We’re focusing our social mobility efforts on entry level/2nd job roles and we will work hard to ensure future work placements and apprenticeship programmes are totally inclusive.

Our key initiatives

We have introduced a number of initiatives to improve our diversity and inclusion at McGill and Partners for 2021 and beyond:

1. Flexible working structures

We have established a ‘Contract of Trust’ with all our colleagues which allows us to apply leading-edge practice with regards to maternity/paternity leave as well as fully flexible working hours and holidays without set limits.

2. Executive leadership bonus risk

Our Exec team have agreed to put 10% of their individual bonus at risk on an annual basis which will be dependent on the improvement of our annual company diversity stats. This demonstrates that we intend to profoundly improve our stats year-on-year. 

3.Being bold in recruitment

We have introduced a number of core frameworks for our recruitment process which include committing to a diverse shortlist for all vacancies as well as mandating a diverse interview ‘panel’ for every role.

4. Introduction of Colleague Resource Groups (CRGs)

We have now established 3 Colleague Resource Groups across the firm: Pride at McGill, EDGE (Ethnically Diverse Group of Employees) at McGill and Women at McGill. These groups will help to foster awareness, respect and inclusion and promote the causes of the diverse groups they represent.

5. Partnering with purpose

We have partnered with The Brokerage to launch our Apprenticeship programme which will begin in Q4 2021. We will continue to partner with other firms to support our commitment to Diversity and Inclusion to bring in diverse talent to McGill and Partners and support the broader community.

We acknowledge we have much more work to do. Every colleague at McGill and Partners is expected to do their part in ensuring we build a truly diverse and inclusive business. Each colleague will take personal responsibility for creating change hire by hire, month by month, increment by increment.  We are making inclusivity personal. 

If you would like to explore opportunities to work at McGill and Partners, please apply here.

How do you discover sizeable new capacity at speed in a hard market? Ask Steve.

INEOS is a company that was contemplating significant amounts of self-insured risk because they were running out of options at their renewal. The clock was ticking. Could McGill and Partners achieve the almost-impossible; find in excess of $800 million of competitive insurance capacity in a hard market, shaken by Covid-19.

Client case study: INEOS

INEOS is a company with complex risk requirements which was seeking competitive insurance capacity in a hard market, shaken by Covid-19. Could McGill and Partners rise to the challenge by finding the capacity INEOS required, on budget and at pace?

A traditional approach to this placement was simply never going to cut it. What INEOS needed most was a truly outside-the-box perspective to reflect the new state of the market.

McGill and Partners lent their expertise, agility and, most importantly, our CEO’s willingness to roll up his sleeves and get on the phone, finding INEOS their full coverage, fast.

“McGill and Partners’ approach to us was definitely a case of serendipity. We are an agile company and a very entrepreneurial organisation and we like working with like-minded people. The McGill and Partners’ team brought creative and fresh thinking.”

Paul McDonald, Group Risk and Insurance Director,
INEOS Group Holdings

The bolder your ambition, the better we become

If you would like more information, please contact:

Andrew Ewen

Andrew Ewen

andrew.ewen@mcgillpartners.com

Sarah Pinks

Sarah Pinks

sarah.pinks@mcgillpartners.com

Steve McGill

Steve McGill CBE

steve.mcgill@mcgillpartners.com