Gallagher vs Lockton: How Do They Compare for D&O Insurance?

Gallagher's Executive and Financial Risk practice builds D&O programs and advises on blank-check merger and IPO placements; Lockton designs programs that can extend to related entities beyond the company.

Gallagher is built for SPACs and companies going public, bundling pre- and post-listing D&O with related lines and backing you with in-house claims attorneys. Lockton designs programs that can insure trustees, volunteers, contractors and spouses, with claims counsel on your broking team from day one. ^1,²

What Are the Key Differences Between Gallagher and Lockton D&O Insurance?

A Listing Event vs a Wide Circle of Insured People

Both are large brokers that design and place D&O rather than insure it. Gallagher's page is written around IPOs, de-SPACs and direct listings, adding representations and warranties, E&O, cyber, tax and contingent liability cover alongside D&O. Lockton's reach is in who the policy protects: employees, committee members, subsidiaries, and the estates or heirs of insured people. Choose Gallagher if you're a SPAC or preparing an IPO or direct listing; choose Lockton if you're a nonprofit, foundation or private company whose volunteers, trustees or contractors need cover. ¹ ²

Claims Support and Program Design

Both put lawyers on your side at claim time: Gallagher through a dedicated claims-advocacy team of in-house attorneys, Lockton by embedding claims counsel in the broking team rather than running claims advocacy as a separate profit center. Gallagher adds benchmarking of how much Side A-only cover to buy; Lockton flags emerging exposures such as AI-related litigation and event-driven claims. ¹ ²

What Should You Confirm in Gallagher and Lockton D&O Insurance Quotes?

Ask Gallagher what its Side A benchmarking recommends for your company. ¹
Ask Lockton which extra classes, such as trustees, volunteers or spouses, the proposed form insures. ²
If you're public, ask Lockton whether entity cover is limited to securities claims. ²
Ask both which insurers they'd approach and for limits in writing; neither publishes them. ¹ ²

Gallagher vs Lockton D&O Insurance Compared

Gallagher vs Lockton: D&O Insurance: documented features by provider

Criteria	Gallagher Directors and Officers (D&O) Liability Insurance	Lockton Directors & Officers (D&O) Insurance Brokerage
Who It’s For	Gallagher specifically markets D&O placement and advisory support to special-purpose acquisition companies (SPACs) around their IPO and de-SPAC process, and to companies going public through an IPO or direct listing. ¹Company-reported. Group-level executive-and-financial-risk practice page, SPAC and IPO subsections.	Lockton says D&O coverage it places can extend beyond directors and officers to trustees, employees, independent contractors, staff, committee members, volunteers, the corporate entity, majority-owned subsidiaries, spouses/domestic partners, and estates/heirs. ²Company-reported. D&O product page as read 2026-09-23. Describes who can typically be covered under a program Lockton structures, not a guarantee for any specific client.
Coverage Features	Gallagher says its D&O team constructs policies addressing lawsuits from shareholders, employees, competitors, suppliers and government bodies, and can evaluate an existing D&O program against the market. ¹Company-reported. Group-level executive-and-financial-risk practice page; a service description, not a specific policy's insuring agreement.	Lockton explains a traditional D&O program in three parts it says it can structure: Side A (direct coverage to individual directors/officers when the company can't indemnify them), Side B (reimbursing the company for indemnifying its D&Os), and Side C (entity coverage, generally limited to securities claims for public companies but broader for private and nonprofit organizations). ²Company-reported. D&O product page as read 2026-09-23. General educational description of program structure, not a specimen policy form.
Role in This Line	Gallagher's Executive and Financial Risk practice places D&O liability insurance and advises on program design; it does not underwrite the policy, which is issued by a carrier selected during placement. ¹Company-reported. Group-level executive-and-financial-risk practice page.	Lockton designs and places D&O programs rather than underwriting them, saying effective coverage requires market intelligence, coverage-design precision and staying ahead of emerging risks like AI-related litigation and event-driven claims. ²Company-reported. D&O product page as read 2026-09-23.
Claims Support	Gallagher says its Executive and Financial Risk practice has a dedicated claims-advocacy team with in-house attorneys specializing in these lines, and that it uses quantitative benchmarking, including measuring the judicious use of Side-A-only D&O coverage, to guide more precise coverage structures. ¹Company-reported. Group-level executive-and-financial-risk practice summary; describes a support service, not a guarantee of claim payment.	Lockton says its Professional & Executive Risk Claims team integrates experienced insurance and claims counsel within the broking team from the start of the relationship, rather than treating claims advocacy as a separate profit center. ²Company-reported. D&O product page as read 2026-09-23.