AIG vs Gallagher: Representations and Warranties Insurance

Gallagher places R&W with outside carriers and says several dedicated attorneys assist from start to finish; AIG describes M&A underwriters and dedicated claims professionals for its R&W product.

Kearny Risk organizes these comparisons for firms whose advice, content or technology creates professional exposures.Research updated 2026-09-30

What Are the Key Differences Between AIG and Gallagher Representations and Warranties Insurance?

Transaction structures and SPAC work

AIG says its R&W product may protect against loss from breached seller representations and can be arranged as shared, layered, or excess coverage. Gallagher describes analysis, custom policy forms, and pre-transaction diligence for buyer and seller placements, and separately markets R&W with D&O for SPACs across the IPO and de-SPAC process. A SPAC team can therefore ask Gallagher how its combined transaction work coordinates the policies, while any buyer should ask AIG how the chosen layer aligns with the deal's indemnity. [1] [5]

Specialist support

AIG names M&A underwriters and dedicated claims professionals for complex transactional disputes. Gallagher says dedicated attorneys assist with transactional insurance placements from start to finish. These are different stated support roles: underwriting and claims expertise at AIG, and legal assistance during Gallagher's brokerage placement. A deal team should establish who will own diligence questions and post-bind claim coordination. [1] [5]

What Should You Confirm in AIG and Gallagher Representations and Warranties Insurance Quotes?

  • Ask Gallagher whether the SPAC R&W and D&O work is coordinated in one timeline and what its attorneys handle through closing. [5]
  • Ask AIG for the specific issuing entity, selected structure, and claims contact for the transaction. [1]

Areas of coverage

AIG

  • role: AIG markets a transaction-specific R&W product and says coverage is written through AIG non-admitted carriers only. The particular issuing entity must be confirmed in the buyer’s transaction documents. Role in this product is limited to the description on the linked AIG source.company-reportedSource ↗
  • eligibility: AIG describes R&W insurance for buyers or sellers in merger and acquisition transactions and publishes a deal-size range as a marketing guide. That range is not an eligibility promise for a particular transaction. Audience is the segment AIG names on the linked source; this is not an underwriting decision, quote or guarantee of availability.company-reportedSource ↗
  • coverage: AIG says the product may protect against financial loss from breach of sellers’ representations and warranties. The page lists shared, layered and excess structures; policy wording and transaction diligence control the actual coverage. AIG’s public product description is not the policy. Actual entitlement depends on the applicable issued form, endorsements and declarations.company-reportedSource ↗
  • services: AIG describes M&A underwriters, prompt transaction support, multinational expertise and dedicated claims professionals for complex transactional disputes. These services are not a promise to accept or pay a claim. The linked page describes company-reported support; specific account services and third-party arrangements must be confirmed.company-reportedSource ↗
  • limits: AIG advertises limits up to $100 million per transaction and a typical retention reference of 1.0% of enterprise value dropping to 0.5% after 12 months. These are published product parameters, not a buyer-specific quote or guarantee. This statement reports only what the linked public source discloses and does not substitute for a quote or issued policy.not-disclosedSource ↗

Gallagher

  • role: Gallagher's Executive and Financial Risk practice places representations and warranties (R&W) insurance for mergers and acquisitions with outside carriers; it does not underwrite the policy. Group-level executive-and-financial-risk practice page.company-reportedSource ↗
  • coverage: Gallagher describes providing analysis, custom policy forms and pre-transaction diligence to select markets and deliver R&W and tax-mitigation coverage for both buyers and sellers in M&A deals. Group-level executive-and-financial-risk practice page; a service description, not a specific policy's insuring agreement or exclusions.company-reportedSource ↗
  • eligibility: Gallagher also markets R&W insurance specifically to special-purpose acquisition companies (SPACs), bundling it with D&O coverage across the IPO and de-SPAC process for the business combination. Group-level executive-and-financial-risk practice page, SPAC subsection.company-reportedSource ↗
  • services: Gallagher says it has several dedicated attorneys who assist with M&A transactional insurance placements, including R&W, from start to finish. Group-level executive-and-financial-risk practice page.company-reportedSource ↗
  • insurer: The executive-and-financial-risk page does not name the insurer that would issue a given transaction's R&W policy. Checked the group-level executive-and-financial-risk practice page.not-disclosedSource ↗
  • limits: The page does not publish specific R&W limits, retentions or premium ranges. Checked the group-level executive-and-financial-risk practice page.not-disclosedSource ↗

AIG describes transaction structures for R&W coverage; Gallagher names a specific SPAC use case spanning IPO and de-SPAC business combinations.

Sources reviewed

  1. 01
    Representations & Warranties Insurance

    AIG · Official AIG R&W page: M&A buyer/seller audience, advertised transaction size and capacity, typical retention, admitted basis caveat, claims and multinational transaction support; standard policy caveat. · accessed 2026-09-30

  2. 02
    Mergers & Acquisitions

    Beazley · Product overview: buyer and seller protection for inaccuracies in representations or warranties · accessed 2026-09-16

  3. 03
    Transaction liability insurance | Representation and indemnities insurance

    CFC · What are representations and warranties?; Who should buy representation and warranty insurance?; Available to buyers & sellers; Limited seller security; Is transaction liability insurance available to sellers · accessed 2026-09-16

  4. 04
    Transactional Risk Insurance

    Coverdash · Transactional risk insurance; representations and warranties coverage; buy-side policies; tax and contingent liability products · accessed 2026-09-16

  5. 05
    Executive and Financial Risk Insurance

    Gallagher · M&A Transactional Insurance, including Representations and Warranties and Tax Mitigation Insurance section; Special-Purpose Acquisition Companies (SPACs) section · accessed 2026-09-23

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