Lockton vs 
USI Insurance Services Representations and Warranties Insurance
Lockton staffs RWI with former M&A lawyers and claims experts; USI folds R&W into PE document review and post-close local servicing.
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. 1,2,3
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. 5,6,7
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. 9,10
Key Differences in Representations and Warranties Insurance
Dedicated RWI Practice Versus Private-Equity Catalogue
Lockton and USI both broker R&W. Lockton maintains an RWI Practice staffed with former M&A lawyers and transaction advisors on a Partner/Associate model with 24/7 coverage. USI lists R&W solutions for uninsured risk among several Private Equity offerings, without describing a dedicated RWI lawyer staffing model on the reviewed page. 4 8
Escrow Replacement Versus Document Review
Lockton describes RWI as a policy used to replace or bolster a seller indemnity or escrow, with distinct seller and buyer benefit lists. USI places R&W in the context of reviewing the offering memorandum and purchase-and-sale agreement to identify pre-closing liabilities, and markets the practice to private equity buyers and sellers working with financial or strategic buyers. 4 8
Claims After Bind Versus Servicing After Close
Lockton says dedicated transaction-liability claims experts remain involved after a policy is bound and cites having helped clients settle hundreds of millions of dollars of RWI claims. USI says it maintains a local service team overseeing the target company’s insurance and benefits programs after close, alongside benchmarking and total-cost-of-risk analysis, and directs inquiries to its published private-equity inquiry address or a local office. Neither page names the issuing insurer. 4 8
What to Confirm in Representations and Warranties Insurance Quotes
- Ask Lockton how escrow replacement is structured and who the claims expert will be. 4
- Ask USI how the offering-memorandum review becomes the R&W underwriting file. 8
- Confirm whether USI’s post-close local servicing includes the R&W policy or only the target’s ongoing programs. 8
- Get the carrier, limit and retention from both quotes. 4 8
Offering Details
Lockton vs USI Insurance Services Representations and Warranties Insurance: documented features by provider
| Criteria | Lockton Representations & Warranties Insurance (RWI) | USI Private Equity Practice — Representations and Warranties Insurance |
|---|---|---|
| Role in This Line | 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. 4Company-reported. RWI product page as read 2026-09-23. | 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. 8Company-reported. Private Equity practice page. |
| Issuing Insurer | The RWI page does not name the insurers underwriting the representations and warranties policies Lockton places. 4Not publicly disclosed. RWI page checked 2026-09-23. | The Private Equity page does not name the insurer USI uses for R&W placements. 8Not publicly disclosed. Page as read on 2026-09-23. |
| Who It’s For | 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. 4Company-reported. RWI product page as read 2026-09-23. | 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. 8Company-reported. Company description of the practice's audience. |
| Coverage Features | 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. 4Company-reported. RWI product page as read 2026-09-23. General description of how the product functions, not a specimen policy. | 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. 8Company-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 | Not described in the reviewed sources. | The page does not publish limit or retention figures for R&W placements. 8Not 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. 8Company-reported. Company description of the deal-support process; R&W insurance is one of several services listed alongside these. |
| How to Apply | Not described in the reviewed sources. | USI directs private equity and M&A inquiries to pcinquiries@usi.com or a local USI office. 8Company-reported. Contact instructions on the Private Equity practice page. |
| Claims Support | 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. 4Company-reported. RWI product page as read 2026-09-23. Aggregate claims-settlement figure is company-reported and not independently verified. | Not described in the reviewed sources. |
Full Comparison
More Lockton vs USI Insurance Services Comparisons
Other Representations and Warranties Insurance Comparisons
Sources
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.
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.
