Gallagher vs 
Lockton Representations and Warranties Insurance
Gallagher staffs R&W with dedicated attorneys and SPAC bundling; Lockton uses a Partner/Associate model and post-bind claims experts.
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
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
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
Placement Teams
Gallagher and Lockton both place R&W rather than issue the policy. Gallagher says several dedicated attorneys assist with M&A transactional insurance from start to finish. Lockton’s RWI Practice is staffed with former M&A lawyers and transaction advisors who, Lockton says, use a Partner/Associate model on every deal and provide 24/7 coverage. 3 9
What Each Practice Says the Policy Does
Gallagher describes analysis, custom policy forms and pre-transaction diligence to deliver R&W and tax-mitigation coverage for buyers and sellers. Lockton describes RWI as a policy used to replace or bolster a seller indemnity or escrow, under which an insurer indemnifies the buyer for losses from an unknown breach of a representation or warranty. 3 9
SPAC Work Versus Claims Support After Bind
Gallagher markets R&W specifically to SPACs, bundling it with D&O across the IPO and de-SPAC process. Lockton’s reviewed RWI page does not describe SPAC bundling; it instead says dedicated transaction-liability claims experts stay involved after a policy is bound, and cites having helped clients settle hundreds of millions of dollars of RWI claims. Neither page names the underwriter. 3 9
What to Confirm in Representations and Warranties Insurance Quotes
- Ask Gallagher whether tax-mitigation insurance is being placed with the R&W policy and whether the deal is a SPAC combination. 3
- Ask Lockton how the Partner/Associate staffing and 24/7 coverage apply to your closing calendar, and who the claims expert will be after bind. 9
- Confirm whether the quote is written to replace escrow, as Lockton describes, or uses Gallagher’s custom form language. 3 9
- Get the issuing insurer and limit from both; neither reviewed page publishes them. 3 9
Offering Details
Gallagher vs Lockton Representations and Warranties Insurance: documented features by provider
| Criteria | Gallagher M&A Transactional Insurance (Representations and Warranties) | Lockton Representations & Warranties Insurance (RWI) |
|---|---|---|
| Role in This Line | Gallagher's Executive and Financial Risk practice places representations and warranties (R&W) insurance for mergers and acquisitions with outside carriers; it does not underwrite the policy. 3Company-reported. Group-level executive-and-financial-risk practice page. | Lockton's RWI Practice is staffed with former M&A lawyers and transaction advisors who Lockton says use a Partner/Associate model on every deal to provide 24/7 coverage; Lockton places RWI policies rather than underwriting them. 9Company-reported. RWI 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 transaction's R&W policy. 3Not publicly disclosed. Checked the group-level executive-and-financial-risk practice page. | The RWI page does not name the insurers underwriting the representations and warranties policies Lockton places. 9Not publicly disclosed. RWI page checked 2026-09-23. |
| Who It’s For | Gallagher also markets R&W insurance specifically to special-purpose acquisition companies (SPACs), bundling it with D&O coverage across the IPO and de-SPAC process for the business combination. 3Company-reported. Group-level executive-and-financial-risk practice page, SPAC subsection. | Lockton frames RWI benefits separately for sellers (faster access to sale proceeds, reduced post-closing exposure, avoiding a guarantee) and buyers (broader protection, faster negotiation, avoiding conflicts in deals with meaningful seller participation), meaning both sides of an M&A transaction are the intended buyers of the product. 9Company-reported. RWI product page as read 2026-09-23. |
| Coverage Features | Gallagher describes providing analysis, custom policy forms and pre-transaction diligence to select markets and deliver R&W and tax-mitigation coverage for both buyers and sellers in M&A deals. 3Company-reported. Group-level executive-and-financial-risk practice page; a service description, not a specific policy's insuring agreement or exclusions. | Lockton describes RWI as a policy used to replace or bolster a seller indemnity or escrow in an M&A transaction, under which an insurer indemnifies the buyer for losses from an unknown breach of a representation or warranty in the deal agreement. 9Company-reported. RWI product page as read 2026-09-23. General description of how the product functions, not a specimen policy. |
| Limits and Retentions | The page does not publish specific R&W 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 | Gallagher says it has several dedicated attorneys who assist with M&A transactional insurance placements, including R&W, from start to finish. 3Company-reported. Group-level executive-and-financial-risk practice page. | Not described in the reviewed sources. |
| Claims Support | Not described in the reviewed sources. | Lockton says it provides dedicated transaction liability claims experts after a policy is bound, and cites having helped clients settle hundreds of millions of dollars of RWI claims to date. 9Company-reported. RWI product page as read 2026-09-23. Aggregate claims-settlement figure is company-reported and not independently verified. |
Full Comparison
More Gallagher vs Lockton Comparisons
Other Representations and Warranties Insurance Comparisons
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; M&A Transactional Insurance, including Representations and Warranties and Tax Mitigation Insurance section; Special-Purpose Acquisition Companies (SPACs) section. 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.
- Representations & Warranties Insurance | Lockton USA. Lockton; The Certain Solution for Transactional Risk; Why clients consider RWI versus traditional indemnity; Seller/Buyer benefits; Claims. 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.
