CFC vs 
Heffernan Insurance Brokers Representations and Warranties Insurance
CFC underwrites R&W and small-deal Buyer/Seller Protect; Heffernan brokers RWI inside a private-equity due-diligence practice.
What Is CFC Insurance?
CFC provides specialty insurance through an MGA model, with technology products for startups through multinational businesses. Its U.S. technology materials describe combined liability and cyber protection, while California eligibility requires product-specific confirmation. 1,2,3,4
What Is Heffernan Insurance Brokers?
Heffernan Insurance Brokers is an independent, Walnut Creek–headquartered retail brokerage that arranges business insurance, employee benefits, and related services. Its technology practice markets to mid- and late-stage companies, including venture-funded and pre-IPO firms. 6,7,8
What Is Representations and Warranties Insurance?
Representations and warranties insurance addresses financial loss from inaccuracies in the representations or warranties made in a stock or asset purchase agreement. It doesn't cover issues already known before signing, disputes over the purchase price, or every statement made during diligence. 10,11
Key Differences in Representations and Warranties Insurance
Who Underwrites Versus Who Arranges
CFC underwrites R&W for buyers and sellers, including Buyer Protect and Seller Protect on deals under $20 million, and says it can write $50 million on a transaction. Heffernan’s HIB Private Equity and M&A practice arranges representation and warranty insurance as brokerage, not as the insurer, and its reviewed page does not publish limits. 5 9
Adjacent Transaction Products
Heffernan groups RWI with contingent liability, environmental liability, tax liability and litigation-buyout coverage, plus group purchasing across private-equity clients and insurance planning after close. CFC’s adjacent products on the reviewed page are contingent tax and other M&A liabilities on the core form, excess on certain fundamentals, and a secondaries practice for fund-interest transfers—not environmental or litigation-buyout lines. 9 5
Diligence Versus Claims Desk
Heffernan describes pre-close due diligence as a review, benchmarking and a search for hidden liabilities. CFC describes a dedicated transaction-liability claims team in London and New York that aims to acknowledge notice within 24 hours; its reviewed pages do not describe Heffernan-style group purchasing or post-close program design. 9 5
What to Confirm in Representations and Warranties Insurance Quotes
- Name the issuing insurer on Heffernan’s placement and the syndicate or company on CFC’s policy. 9 5
- Ask whether you need only RWI or also contingent, environmental, tax or litigation-buyout cover that Heffernan lists beside it. 9
- Confirm if CFC’s sub-$20 million 24-hour products apply, or if Heffernan is running a full PE diligence process. 5 9
- Compare CFC’s $50 million / $150 million excess figures with whatever limit Heffernan’s market quotes. 5 9
Offering Details
CFC vs Heffernan Insurance Brokers Representations and Warranties Insurance: documented features by provider
| Criteria | CFC Transaction Liability Insurance | Heffernan Private Equity and M&A Practice — Representation & Warranty Insurance |
|---|---|---|
| Role in This Line | 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. 5Company-reported. Transaction liability product page overview, describing CFC as a deal facilitator working with private equity firms and strategic buyers and sellers. | Heffernan's Private Equity and M&A (HIB) Practice arranges representation and warranty (RWI) insurance for deal buyers and sellers as part of a broader transactional-risk brokerage, rather than underwriting the coverage itself. 9Company-reported. Private Equity and M&A page as read on 2026-09-23. |
| Issuing 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. 5Company-reported. Limit & appetite section of the product page; the specific carrier for a given policy would appear on that policy's documents. | Not described in the reviewed sources. |
| Who It’s For | Not described in the reviewed sources. | Heffernan markets this practice to private equity firms and strategic investors doing mergers and acquisitions, covering both enterprise-level and transactional liability needs. 9Company-reported. Private Equity and M&A page as read on 2026-09-23. |
| Coverage Features | 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. 5Company-reported. 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. 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. 5Company-reported. Product page key features and the 'Limit & appetite' section; exact terms are set by the policy as issued. 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. 5Company-reported. Secondary liquidity solutions section of the product page. | Heffernan says RWI safeguards a buyer and seller's agreed understanding of a deal, and groups it under 'Transactional Risk Mitigation' alongside contingent liability, environmental liability, tax liability, and litigation-buyout coverage. 9Company-reported. Private Equity and M&A page as read on 2026-09-23; the page does not describe RWI's specific insuring agreement, exclusions, retention structure, or limits. |
| Limits and Retentions | 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. 5Company-reported. Limit & appetite section of the product page. | The reviewed page does not publish limits, retention levels, or premium ranges for representation and warranty policies. 9Not publicly disclosed. Private Equity and M&A page as read on 2026-09-23. |
| Risk Services | Not described in the reviewed sources. | Heffernan describes pre-close due diligence (a detailed review, benchmarking and a search for hidden liabilities), group purchasing across its private-equity clients, and insurance planning for the company after closing. 9Company-reported. Private Equity and M&A page as read on 2026-09-23. |
| How to Apply | 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. 5Company-reported. Buyer protect and seller protect key features on the product page. | Heffernan invites private equity and M&A clients to contact the practice directly; the page does not describe a self-service quote or online application path. 9Company-reported. Private Equity and M&A page as read on 2026-09-23. |
| Claims Support | 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. 5Company-reported. Claims section of the product page; outcome statistics are company-reported and not independently verified. | Not described in the reviewed sources. |
Full Comparison
More CFC vs Heffernan Insurance Brokers Comparisons
Other Representations and Warranties Insurance Comparisons
Sources
CFC
- About CFC. CFC; Matt Taylor biography: independent MGA and Syndicate 1988. Accessed 2026-09-16.
- Technology. CFC; Introduction; Technology key features; Digitally traded. Accessed 2026-09-16.
- Technology — United States product brochure. CFC; Page 1: coverage sections, including Products and services liability; Response app highlights; Limits and deductibles. Accessed 2026-09-16.
- Regulatory information. CFC; CFC Underwriting Limited; CFC Lloyd's Syndicate 1988. Accessed 2026-09-23.
- Transaction liability insurance | Representation and indemnities insurance | CFC. CFC; Transaction liability / Seller protect / Buyer protect / Secondary liquidity solutions; Why choose CFC: Solutions, Experience, Limit & appetite, Claims; FAQs. Accessed 2026-09-23.
Heffernan Insurance Brokers
- Our Story. Heffernan Insurance Brokers; Headquartered in Walnut Creek; nationwide presence; founded 1988; employee owned; niche practices including technology. Accessed 2026-09-16.
- Technology Company Insurance. Heffernan Insurance Brokers; Pre-IPO and venture-funded heading; mid to late stage specialization; global expansion copy; self-insurance strategies; Key Markets list; Why Heffernan broker history; Joseph Talmadge practice leader; FAQ. Accessed 2026-09-16.
- Heffernan Business Insurance Brokerage. Heffernan Insurance Brokers; Forward-Thinking Business Insurance: basic coverages (general liability, commercial property and auto, workers’ compensation); corporate and executive protection (EPL, D&O, fiduciary responsibility, cyber, kidnap and ransom); alternative risk capabilities; claims, loss control and risk-management services; industry practice links including Technology and Claims Advocacy. Accessed 2026-09-16.
- Private Equity and M&A. Heffernan Insurance Brokers; Reps & Warranties Insurance; Heffernan Insurance Brokers (HIB) Private Equity and M&A Practice; Key Merger and Acquisition Insurance Services: Pre-Close Due Diligence, Insurance Placement Hub, Post-Close Insurance Strategies; Transactional Risk Mitigation to Contain Any Threats: RWI, Contingent Liability, Environmental Liability, Tax Liability, Litigation Buyout; Other Related Services: General Partnership Liability (GPL), Professional Liability/E&O, Key person insurance. Accessed 2026-09-23.
Representations and Warranties Insurance Guide
- 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.
- Mergers & Acquisitions. Beazley; Product overview: buyer and seller protection for inaccuracies in representations or warranties. Accessed 2026-09-16.
