Beazley vs CFC: Representations and Warranties Insurance

Beazley underwrites R&W with advertised limits up to $50 million and can add tax or contingent-liability cover; CFC offers up to $50 million on a core deal plus separate small-deal products under $20 million.

Kearny Risk organizes these comparisons for firms whose advice, content or technology creates professional exposures.Research updated 2026-09-29

Areas of coverage

Beazley

  • role: Beazley underwrites representations and warranties (M&A) insurance directly, describing solutions designed to reduce or extinguish the impact of liabilities arising from a merger or acquisition, including warranty breaches, adverse tax consequences and contingent liability claims. US Mergers & Acquisitions product page; scope covers the general insuring concept, not a specific policy form.company-reportedSource ↗
  • eligibility: Beazley says it offers this coverage to private equity clients, selling entrepreneurs, private shareholders, venture capital funds, listed companies and other corporate clients, with a broad appetite across different target sectors, deal types and transaction structures. Product-page target-customer list; individual deal acceptance still depends on underwriting.company-reportedSource ↗
  • eligibility: Beazley says it can underwrite and place M&A insurance, including cross-border deals, in all 50 US states and more than 80 jurisdictions globally. Company-stated geographic reach; not an independently verified regulator record of authorization in every jurisdiction listed.company-reportedSource ↗
  • coverage: Beazley describes coverage that can be provided to a seller to defend against a breach of representations or warranties claimed by a purchaser, or to a purchaser for first-party protection against innocent or fraudulent breaches by a seller. Product-page description of the insuring structure; actual policy wording, retentions and exclusions are set at binding.company-reportedSource ↗
  • coverage: Beyond representation and warranty breaches, Beazley says its M&A offering can also address adverse tax consequences and contingent liability claims arising from a transaction. Product-page "What we offer" summary; each element's availability depends on the specific transaction and underwriting.company-reportedSource ↗
  • limits: Beazley advertises M&A insurance limits of up to US $50,000,000. The page does not publish retentions, minimum limits or premium ranges. Product-page headline limit figure; actual capacity offered depends on the transaction.company-reportedSource ↗
  • services: Beazley says it can underwrite transactions globally and structure coverage around the specific details and timeframes of a transaction. Company-stated service description; no turnaround-time commitment or staffing detail is published.company-reportedSource ↗
  • application: The reviewed page does not list a self-service quote form or application document for M&A insurance; it instead names underwriters and product leaders by region and links to "Speak with an Underwriter" and "Become a Beazley Broker" contact routes. Checked the full product page, including its Tools & Resources equivalent area, on 2026-09-23; no application form was found there, unlike the Crime and Fidelity page.not-foundSource ↗
  • claims: Beazley's own example describes a case where its insured was sued by a third party over intellectual property and lost, the third party then counterclaimed against the acquired target, and Beazley paid the claim and it was settled with the third party, despite some question over whether the claim was fully covered. A single company-selected scenario on the product page; it is not a claims-handling statistic or a guarantee of similar outcomes.company-reportedSource ↗

CFC

  • role: CFC's Transaction Liability practice underwrites representations and warranties (R&W) insurance for M&A deals, available to both buyer-side and seller-side purchasers, alongside standalone small-deal products and secondary liquidity solutions. Transaction liability product page overview, describing CFC as a deal facilitator working with private equity firms and strategic buyers and sellers.company-reportedSource ↗
  • coverage: Beyond its main R&W policy, CFC sells two standalone small-deal products: Buyer Protect, described as covering a buyer for up to 100% of enterprise value, and Seller Protect, described as protecting sellers of small businesses during an M&A transaction. Both are limited to deals under $20 million. Product page descriptions and the 'Solutions' section, which caps buyer protect/seller protect at deals under $20m. The page's key-features bullets for these two products use near-identical wording about the buyer bringing a claim, so the exact difference in claims mechanics between the two products was not independently confirmable from this page alone.company-reportedSource ↗
  • coverage: The core transaction liability policy covers representations and warranties, contingent tax, and other M&A liabilities, and CFC also offers excess coverage layered on top for certain fundamental representations. Product page key features and the 'Limit & appetite' section; exact terms are set by the policy as issued.company-reportedSource ↗
  • coverage: CFC separately offers secondary liquidity solutions for private market investors acquiring, divesting, or restructuring interests in private equity, private credit, or other fund assets, through what it calls a dedicated secondaries underwriting practice. Secondary liquidity solutions section of the product page.company-reportedSource ↗
  • insurer: CFC says it underwrites transaction liability business on behalf of Lloyd's of London syndicates and insurance companies rated 'A' or better by AM Best, without naming a specific carrier for any individual deal. Limit & appetite section of the product page; the specific carrier for a given policy would appear on that policy's documents.company-reportedSource ↗
  • limits: CFC says it can underwrite up to $50 million of limit on a single transaction, or up to $150 million of excess coverage for certain fundamental representations. Limit & appetite section of the product page.company-reportedSource ↗
  • application: For the Buyer Protect and Seller Protect products, CFC says coverage can be placed within 24 hours of receiving the application form, and can be arranged after closing. Buyer protect and seller protect key features on the product page.company-reportedSource ↗
  • claims: CFC has a dedicated transaction liability claims team in its London and New York offices, says it has handled nearly 300 claims to date, and aims to send an acknowledgement within 24 hours of a claim notification. Claims section of the product page; outcome statistics are company-reported and not independently verified.company-reportedSource ↗

What Are the Key Differences Between Beazley and CFC Representations and Warranties Insurance?

$50 Million at Both, Plus Excess Capacity at CFC

Beazley underwrites M&A insurance directly with limits up to US $50 million and publishes no excess layer. CFC can write up to $50 million on a single transaction, or up to $150 million of excess for certain fundamental representations. Choose CFC if your deal needs more than $50 million on fundamental reps or is under $20 million and closing fast; either can cover a mid-size deal within $50 million. [1] [3]

24-Hour Cover for Small Deals Only at CFC

CFC sells Buyer Protect and Seller Protect for deals under $20 million; Buyer Protect can cover up to 100% of enterprise value, and both can be placed within 24 hours of the application and after closing. Beazley’s M&A page describes no small-deal product or fast path. [3] [1]

Named Underwriters vs a Dedicated Claims Team

Beazley names its underwriters and product leaders and asks you to speak with one. CFC publishes a dedicated transaction-liability claims team in London and New York, says it has handled nearly 300 claims, and aims to acknowledge a claim within 24 hours. With CFC you know who takes your claim; with Beazley you know who underwrites the deal. [1] [3]

What Should You Confirm in Beazley and CFC Representations and Warranties Insurance Quotes?

  • Ask CFC whether your quote is its main R&W policy, Buyer Protect, Seller Protect or excess on fundamental representations. [3]
  • Ask Beazley for the limit it will actually bind against its $50 million maximum, and the retention. [1]
  • Confirm tax and contingent-liability cover is included; both describe them on their core offering. [1] [3]
  • Ask CFC which insurer backs your policy. It underwrites for Lloyd’s syndicates and insurers rated A or better by AM Best but doesn’t name them per deal; Beazley insures directly. [3] [1]

Both write up to $50 million on a deal, but CFC also offers up to $150 million of excess for certain fundamental representations. For deals under $20 million, CFC’s Buyer Protect and Seller Protect can be placed within 24 hours, even after closing.

Sources reviewed

  1. 01
    Mergers & Acquisitions

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

  2. 02
    Regulatory information

    CFC · CFC Underwriting Limited; CFC Lloyd's Syndicate 1988 · accessed 2026-09-23

  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

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