CFC vs USI Insurance Services: How Do They Compare for Representations and Warranties Insurance?

CFC underwrites transaction liability with up to $50 million per transaction; USI Insurance Services brokers R&W for private-equity deal teams and reviews offering and purchase agreements for risks before closing.

CFC underwrites R&W itself, with up to $50 million per deal, $150 million of excess on certain fundamental reps, and 24-hour policies for deals under $20 million. USI is a private-equity broker that reviews your deal documents and has a local team handle the acquired company’s insurance after close. ^1,³

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

Stated Underwriting Capacity vs a Broker’s Placement

CFC underwrites R&W and says it can write $50 million on a transaction plus $150 million of excess on certain fundamental representations. USI doesn’t underwrite; its Private Equity practice places R&W with an insurer it doesn’t name and publishes no limits, so you see capacity only in the quote. Choose CFC if you need large or fast capacity from the insurer itself; choose USI if you’re a private-equity firm that wants a broker to review the deal and handle the target’s insurance afterward. ¹ ³

Document Review vs 24-Hour Small-Deal Cover

USI reads the offering memorandum and purchase-and-sale agreement to flag issues and define pre-closing liabilities. CFC doesn’t describe document review; instead it offers Buyer Protect and Seller Protect for deals under $20 million, which it says can be placed within 24 hours, even after closing. ³ ¹

Ongoing Insurance Service vs a Dedicated Claims Team

After close, USI has a local team oversee the acquired company’s insurance and benefits. CFC has a dedicated transaction-liability claims team in London and New York. USI helps you run the business you bought; CFC handles the R&W claim if a representation turns out false. ³ ¹

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

Ask USI which insurer it proposes, and ask CFC which Lloyd’s syndicate or A-rated insurer backs your policy. ³ ¹
Ask USI how its document review shapes the R&W submission. ³
Ask CFC whether it’s quoting Buyer Protect, Seller Protect, core capacity or excess. ¹
Compare USI’s quoted limits with CFC’s $50 million and $150 million figures. ¹ ³

CFC vs USI Insurance Services Representations and Warranties Compared

CFC vs USI Insurance Services: Representations and Warranties Insurance: documented features by provider

Criteria	CFC Transaction Liability Insurance	USI Private Equity Practice — Representations and Warranties Insurance
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. ¹Company-reported. Buyer protect and seller protect key features on the product page.	USI directs private equity and M&A inquiries to pcinquiries@usi.com or a local USI office. ³Company-reported. Contact instructions on the Private Equity practice page.
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. ¹Company-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. ¹Company-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. ¹Company-reported. Secondary liquidity solutions section of the product page.	USI lists "Representations and Warranties Insurance Solutions for Uninsured Risk" among its Private Equity practice's offerings, in the context of reviewing the offering memorandum and purchase-and-sale agreement to identify pre-closing liabilities. ³Company-reported. Single catalogue line on the practice page; actual insuring agreements, exclusions and the underwriting review process are set by the R&W insurer and the deal's own diligence.
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. ¹Company-reported. Transaction liability product page overview, describing CFC as a deal facilitator working with private equity firms and strategic buyers and sellers.	USI brokers representations and warranties (R&W) insurance as part of its Private Equity practice's deal-support services; it does not underwrite the policy itself. ³Company-reported. Private Equity practice page.

Criteria

CFC Transaction Liability Insurance

USI Private Equity Practice — Representations and Warranties Insurance

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. ¹Company-reported. Buyer protect and seller protect key features on the product page.

USI directs private equity and M&A inquiries to pcinquiries@usi.com or a local USI office. ³Company-reported. Contact instructions on the Private Equity practice page.

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. ¹Company-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. ¹Company-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. ¹Company-reported. Secondary liquidity solutions section of the product page.

USI lists "Representations and Warranties Insurance Solutions for Uninsured Risk" among its Private Equity practice's offerings, in the context of reviewing the offering memorandum and purchase-and-sale agreement to identify pre-closing liabilities. ³Company-reported. Single catalogue line on the practice page; actual insuring agreements, exclusions and the underwriting review process are set by the R&W insurer and the deal's own diligence.

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. ¹Company-reported. Transaction liability product page overview, describing CFC as a deal facilitator working with private equity firms and strategic buyers and sellers.

USI brokers representations and warranties (R&W) insurance as part of its Private Equity practice's deal-support services; it does not underwrite the policy itself. ³Company-reported. Private Equity practice page.