Gallagher vs Lockton D&O Insurance

Gallagher measures Side-A-only D&O use for SPACs and IPOs; Lockton embeds claims counsel and can extend insureds to trustees and estates.

What Is Gallagher?

Gallagher is a business-insurance broker and risk-management consultancy. Its technology practice serves startups through global enterprises, alongside a separate small-business offering for IT professionals and an executive-risk practice covering D&O and transaction-related coverages. Woodruff Sawyer is now part of Gallagher. ^1,^2,^3,^4,⁵

Read the Gallagher profile

What Is Lockton?

Lockton is a privately held insurance brokerage that arranges commercial risk, employee benefits and retirement programs. US pages describe a technology practice and intermediary placement with insurers, not Lockton as the policy’s insurer. ^6,^7,⁸

Read the Lockton profile

What Is Directors and Officers Insurance?

Directors and officers liability insurance addresses covered claims alleging wrongful acts in managing an organization. ¹⁰

Read the full coverage guide

Key Differences in D&O Insurance

Claims Counsel

Gallagher and Lockton both describe attorney involvement after a D&O claim. Gallagher staffs a dedicated claims-advocacy team with in-house attorneys and uses quantitative benchmarking of Side-A-only D&O use. Lockton says its Professional & Executive Risk Claims team integrates insurance and claims counsel inside the broking team from the start of the relationship, rather than treating claims advocacy as a separate profit center. ³ ⁹

Listing-Stage Clients

Gallagher markets D&O to SPACs around IPO and de-SPAC and to companies going public by IPO or direct listing. Lockton’s reviewed D&O page does not center SPACs or that listing calendar. ³ ⁹

If your buying event is a SPAC or IPO, Gallagher’s page is written around that event. Lockton’s page is written around program design, not that calendar. ³ ⁹

Named Insureds

Lockton says coverage it places can extend beyond directors and officers to trustees, employees, independent contractors, staff, committee members, volunteers, subsidiaries, spouses or domestic partners, and estates or heirs. Gallagher’s reviewed page does not list that insured roster. ⁹ ³

If a trustee, volunteer or estate needs to be scheduled, Lockton’s page names those classes. Gallagher’s page does not. ⁹ ³

What to Confirm in D&O Insurance Quotes

Ask Gallagher how Side-A-only benchmarking would apply to your tower. ³
Ask Lockton which additional insured classes would be named and how the claims team sits inside broking. ⁹
Get the issuing carrier from both. ³ ⁹
If you are public, ask Lockton whether Side C would be securities-only. ⁹

Offering Details

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
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. ³Company-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. ⁹Company-reported. D&O product page as read 2026-09-23.
Issuing Insurer	The executive-and-financial-risk page does not name the insurer that would issue a given client's D&O policy; it says Gallagher weighs carrier qualifications and performance data alongside a client's own insurer history and preferences when deciding which carriers to approach. ³Company-reported. Group-level executive-and-financial-risk practice page.	The D&O page does not name the insurers Lockton places D&O coverage with. ⁹Not publicly disclosed. D&O product page checked 2026-09-23.
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. ³Company-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. ⁹Company-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. ³Company-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). ⁹Company-reported. D&O product page as read 2026-09-23. General educational description of program structure, not a specimen policy form.
Limits and Retentions	The executive-and-financial-risk page does not publish D&O limits, retentions or premium ranges. ³Not publicly disclosed. Checked the group-level executive-and-financial-risk practice page.	Not described in the reviewed sources.
Risk Services	For SPACs and IPOs, Gallagher describes bundling D&O coverage before and after the IPO with related lines such as representations and warranties, E&O, cyber, tax and contingent liability coverage, plus risk-management and claims support at each stage. ³Company-reported. Group-level executive-and-financial-risk practice page, SPAC subsection.	Not described in the reviewed sources.
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. ³Company-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. ⁹Company-reported. D&O product page as read 2026-09-23.

Full Comparison

More Gallagher vs Lockton Comparisons

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Sources

Gallagher

Technology Insurance. Gallagher; Introduction; Solutions and coverages for the technology industry: Technology errors and omissions including cyber, Intellectual property insurance, Product liability, Employee benefits; Data-driven insights; global network. Accessed 2026-09-16.
Insurance for Technology & IT Businesses. Gallagher Small Business; Protection for IT Professionals & Their Technology-Based Businesses; recommended coverage menu, including Surety Bond Programs; Connect With An Advisor. Accessed 2026-09-16.
Executive and Financial Risk Insurance. Gallagher; Directors and Officers (D&O) Liability insurance section; Special-Purpose Acquisition Companies (SPACs) section; IPO and direct listings section; Executive and Financial Risk Practice Summary. Accessed 2026-09-23.
Legal Information. Gallagher Small Business; Producer identification immediately above Quick Links. Accessed 2026-09-16.
Woodruff Sawyer Is Now Gallagher. Gallagher; Opening; Executive and Financial Risk consulting; Continued access to client portals; contact form. Accessed 2026-09-16.

Lockton

Lockton United States. Lockton; Opening description of independent insurance brokerage for risk, benefits and retirement; Ask an Expert link to contact-us. Accessed 2026-09-16.
Technology. Lockton; Industry introduction; cyber liability heading; dedicated technology team; listed services including claims advocacy, contract review, directors and officers liability, and international program design; 24/7 service model. Accessed 2026-09-16.
US Terms of Business. Lockton; Opening entity definition; Surplus Lines; Use of a Particular Insurer; Compensation Disclosure; servicing, claims handling and renewal language in Confidentiality section; Intermediaries. Accessed 2026-09-16.
D&O Insurance. Lockton; What is D&O insurance?; Side A/B/C coverage components; Who can be covered under a D&O program?; Claims management. Accessed 2026-09-23.

D&O Insurance Guide

Glossary of Business Insurance Terms. The Hartford; Directors and Officers Liability Insurance; Errors and Omissions Insurance; Employment Practices Liability Insurance. Accessed 2026-09-16.