CFC vs Gallagher: Representations and Warranties Insurance

CFC says it can underwrite up to $50 million of limit on a single transaction; Gallagher places R&W with outside carriers and says several dedicated attorneys assist from start to finish.

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

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

24-Hour Small-Deal Cover vs Attorney-Led Placement

CFC underwrites R&W with up to $50 million per transaction and up to $150 million of excess for certain fundamental representations, and its Buyer Protect and Seller Protect products can be placed within 24 hours of an application, even after closing, on deals under $20 million. Gallagher's Executive and Financial Risk practice places R&W with outside insurers it does not name, using analysis, custom forms, pre-transaction diligence and several dedicated M&A attorneys. Choose CFC if your deal is under $20 million or already closed and you need cover fast; choose Gallagher if you want a broker to shape a larger or bespoke placement. [3] [5]

SPAC Bundles at Gallagher, Claims Team at CFC

Gallagher markets R&W to SPACs bundled with D&O across IPO and de-SPAC. CFC describes a dedicated claims team for transaction liability but no SPAC bundle. [5] [3]

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

  • Ask Gallagher which insurer and custom form it is using; ask CFC whether your policy sits with a Lloyd's syndicate or an A-rated company. [5] [3]
  • If you are a SPAC or de-SPAC, ask Gallagher how R&W fits with your D&O program. [5]
  • If your deal is under $20 million, ask CFC whether Buyer Protect or Seller Protect applies. [3] [5]
  • Compare CFC's $50 million limit and $150 million fundamentals excess with the limit and retention on Gallagher's quote. [3] [5]

Areas of coverage

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 ↗

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 ↗

CFC writes R&W itself, up to $50 million per deal, and can bind deals under $20 million within 24 hours, even after closing; Gallagher is a broker whose dedicated attorneys shop larger or complex deals, draft custom forms and bundle R&W with D&O for SPACs.

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

  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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