CFC vs 
USI Insurance Services Representations and Warranties Insurance
CFC underwrites R&W with $50 million stated capacity; USI brokers it inside private-equity diligence from letter of intent to exit.
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 USI Insurance Services?
USI Insurance Services is a U.S. insurance brokerage and consulting firm that arranges property and casualty, employee benefits, personal risk, and retirement programs. Its Technology practice says it works with software, hardware, and related companies from early seed stage through IPO, using a consultative process rather than a published self-serve quote. 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 Writes the Limit
CFC is on risk: it underwrites R&W for Lloyd’s syndicates and A-rated companies and states it can write $50 million on a transaction plus $150 million of excess on certain fundamentals. USI is not on risk. It brokers R&W inside its Private Equity practice’s deal-support work and does not name the insurer or publish a tower on the reviewed page. 5 9
For you, that means a CFC number is a stated underwriting appetite you still have to confirm on the binder. A USI number is whatever market it places, and you will not see it until the quote. 5 9
Diligence and What Happens After Close
USI says it reads the offering memorandum and purchase-and-sale agreement to flag issues and define pre-closing liabilities. CFC’s reviewed pages do not describe that document-review service; they describe underwriting, including Buyer Protect and Seller Protect that it says can be placed within 24 hours on deals under $20 million. 9 5
After close, USI says a local team oversees the target’s insurance and benefits. CFC describes a dedicated transaction-liability claims team in London and New York, not a benefits program for the acquired company. One path is ongoing insurance administration; the other is R&W claims notice. 9 5
Who the Practice Is For
USI markets this work to private-equity buyers and sellers working with financial or strategic buyers through a merger, and it points inquiries to a published practice contact or a local office. CFC presents itself as a deal facilitator for private equity and strategic buyers and sellers, with a separate small-deal product that it says can be arranged after closing. 9 5
What to Confirm in Representations and Warranties Insurance Quotes
- Identify USI’s R&W carrier and CFC’s syndicate or company for this transaction. 9 5
- Ask USI how the OM and PSA review feeds the R&W underwriting submission. 9
- Confirm whether CFC is quoting Buyer Protect, Seller Protect, core capacity, or secondaries. 5
- Compare CFC’s $50 million / $150 million excess figures with USI’s quoted tower, and ask who services the target’s other insurance after close. 5 9
Offering Details
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 |
|---|---|---|
| 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. | 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. 9Company-reported. Private Equity practice page. |
| 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. | The Private Equity page does not name the insurer USI uses for R&W placements. 9Not publicly disclosed. Page as read on 2026-09-23. |
| Who It’s For | Not described in the reviewed sources. | USI markets this practice to private equity buyers and sellers working with financial or strategic buyers throughout a merger or acquisition process, not to a general commercial buyer outside a deal context. 9Company-reported. Company description of the practice's audience. |
| 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. | 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. 9Company-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. |
| 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 page does not publish limit or retention figures for R&W placements. 9Not publicly disclosed. Page as read on 2026-09-23. |
| Risk Services | Not described in the reviewed sources. | USI says it reviews the offering memorandum and purchase-and-sale agreement to flag red flags, helps define pre-closing liabilities, and maintains a local service team overseeing the target company's insurance and benefits programs after close, alongside benchmarking and total-cost-of-risk analysis. 9Company-reported. Company description of the deal-support process; R&W insurance is one of several services listed alongside these. |
| 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. | USI directs private equity and M&A inquiries to pcinquiries@usi.com or a local USI office. 9Company-reported. Contact instructions on the Private Equity practice page. |
| 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 USI Insurance Services 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.
USI Insurance Services
- The Power of ONE. USI Insurance Services; History, client-count, nationwide office, and P&C / benefits / personal risk / retirement description. Accessed 2026-09-16.
- Technology Insurance. USI Insurance Services; Technology practice client types, seed-to-IPO range, and listed insurance placement lines including PrivaSafe. Accessed 2026-09-16.
- Commissions and Fees. USI Insurance Services; Licensed-producer authority, insurer-paid commission default, contingent compensation, and client request right. Accessed 2026-09-16.
- Private Equity. USI Insurance Services; Optimizing Risk from Letter of Intent to Exit; As part of our thorough insurance due diligence, we carefully review the offering memorandum and the purchase-and-sale agreement...; USI's Private Equity Practice offers comprehensive solutions and services, including:...Representations and Warranties Insurance Solutions for Uninsured Risk... 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.
