Best Reps and Warranties (R&W) Insurance Brokers for M&A in 2026: Top 6
Quick Answer
The best R&W (reps and warranties) insurance brokers for M&A in 2026 segment by deal size. ‘Big three’, Marsh McLennan (NYSE: MMC, ~$23B+ revenue), Aon (NYSE: AON, ~$13B+), Willis Towers Watson (NASDAQ: WTW, ~$10B+), dominate $50M+ deals with commission-based pricing (15-20% of premium). Lockton (Kansas City, ~$2.5B+, largest US privately-held broker) is the mid-large alternative. Crum & Forster (Fairfax Financial subsidiary) is a direct R&W underwriter (not broker) for LMM / mid-market. Hub International (Hellman & Friedman, ~$3.5B+) is the largest LMM specialist broker. R&W premiums typically 2-3% of policy limit; brokers commission on top. Match broker to deal size + complexity.
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Reps and warranties (R&W) insurance covers buyer losses from seller representation breaches discovered post-close. In 2026, R&W insurance is increasingly standard for $5M+ M&A deals (R&W premium volume grew from $5B in 2018 to $60B+ in 2024-25).
Choosing the right R&W broker matters because (1) broker relationships with underwriters affect premium pricing + coverage, (2) different brokers have different deal-size sweet spots, (3) some brokers are also direct underwriters (Crum & Forster).
This guide compares 6 leading R&W brokers / underwriters.
What this guide covers
- ‘Big three’ for $50M+: Marsh (NYSE: MMC), Aon (NYSE: AON), Willis Towers Watson (NASDAQ: WTW).
- Largest privately-held: Lockton.
- Direct R&W underwriter: Crum & Forster (Fairfax).
- Largest LMM specialist: Hub International (H&F).
- Premium: 2-3% of policy limit (~10% of purchase price).
- Broker commission: 15-20% of premium.
Comparison: top 6 options at a glance
| Vendor | Best for | Pricing range | HQ | Key feature |
|---|---|---|---|---|
| Marsh McLennan | Bulge-bracket M&A R&W insurance | Commission-based (typically 15-20% of premium) | NYC, NY (NYSE: MMC) | Largest US insurance broker |
| Aon | Bulge-bracket M&A insurance + transactional risk | Commission-based (typically 15-20% of premium) | London, UK + NYC, NY (NYSE: AON) | Second-largest US broker |
| Lockton | Mid-large M&A R&W with private-broker advantage | Commission-based (typically 15-20% of premium) | Kansas City, MO | Largest privately-held US broker |
| Willis Towers Watson (WTW) | Mid-large M&A R&W + actuarial depth | Commission-based (typically 15-20% of premium) | London, UK + NYC (NASDAQ: WTW) | Third of the ‘big three’ brokers |
| Crum & Forster (Fairfax) | LMM + mid-market M&A R&W underwriter | Premium-based pricing | Morristown, NJ (Fairfax Financial subsidiary) | Direct R&W insurance underwriter |
| Hub International | LMM M&A R&W broker | Commission-based (typically 15-20% of premium) | Chicago, IL (Hellman & Friedman) | Largest North American LMM broker |
How we evaluated
- Deal size. $50M+ deals: ‘big three’ (Marsh, Aon, WTW). $25-100M: Lockton, WTW. $5-50M: Hub, Crum & Forster.
- Broker vs. underwriter. Broker (Marsh, Aon, WTW, Lockton, Hub): represents buyer, places with underwriter. Direct underwriter (Crum & Forster): direct relationship.
- Industry specialization. Most brokers cover all industries; some specialize (healthcare, FinServ, tech).
Marsh McLennan
Marsh McLennan (NYSE: MMC, ~$23B+ revenue) is the largest US insurance broker. Strong M&A insurance practice covering R&W + transactional liability + tax indemnity insurance.
- Largest US broker by revenue.
- Strongest insurer relationships.
- Best for $50M+ deal R&W policies.
- Combined R&W + tax + contingent liability expertise.
- Commission-based pricing (15-20% of premium).
- Slower than boutiques on smaller deals.
- Enterprise-focused.
When Marsh McLennan is the right choice: you’re doing a $50M+ deal needing premium R&W insurance broker relationships.
Aon
Aon (NYSE: AON, ~$13B+ revenue) is the second-largest US insurance broker. Strong M&A insurance practice with extensive R&W placements.
- Strong insurer relationships.
- Good for $50M+ deals.
- Combined transactional risk capabilities.
- Global reach.
- Commission-based pricing.
- Bulge-bracket focused.
When Aon is the right choice: you’re doing a $50M+ deal and want a ‘big two’ broker.
Lockton
Lockton is the largest privately-held US insurance broker (~$2.5B+ revenue). Strong M&A insurance practice with private-broker independence advantage.
- Largest US privately-held broker.
- Strong M&A insurance practice.
- Private-broker independence.
- Good service for mid-large PE.
- Commission-based.
- Less global reach than Marsh / Aon.
When Lockton is the right choice: you’re doing a $25-100M deal and want a private-broker alternative to Marsh / Aon.
Willis Towers Watson (WTW)
Willis Towers Watson (NASDAQ: WTW, ~$10B+ revenue) is the third ‘big three’ broker. Strong actuarial + insurance expertise.
- Combined insurance + actuarial / consulting.
- Strong M&A insurance practice.
- Public-company M&A expertise.
- Commission-based.
- Bulge-bracket focus.
When Willis Towers Watson (WTW) is the right choice: you’re doing a $25M+ deal with complex actuarial + insurance needs.
Crum & Forster (Fairfax)
Crum & Forster (Fairfax Financial subsidiary) is one of the leading US R&W insurance underwriters, not just a broker. Strong LMM / mid-market coverage.
- Direct underwriter (not broker)
- Strong LMM / mid-market expertise.
- Good for deals $5-50M EV.
- Backed by Fairfax Financial.
- Direct underwriter has different relationship dynamics than broker.
When Crum & Forster (Fairfax) is the right choice: you want direct relationship with R&W underwriter (vs. broker intermediary).
Hub International
Hub International (Hellman & Friedman backed, ~$3.5B+ revenue) is the largest North American LMM insurance broker. Strong adoption for LMM M&A R&W.
- LMM specialist.
- Strong LMM PE relationships.
- Good service for sub-$50M deals.
- PE-backed growth.
- Commission-based.
- Less depth than ‘big three’ for $100M+ deals.
When Hub International is the right choice: you’re doing a $5-50M deal needing LMM-specialist broker.
How to choose: buying criteria
1. Match broker to deal size
$50M+: ‘big three’. $25-100M: Lockton, WTW. $5-50M: Hub, Crum & Forster.
2. Negotiate commission
Standard 15-20% of premium. Negotiable on larger deals + repeat business.
3. Get 3+ quotes
R&W premium pricing varies 20-40% across underwriters. Get 3+ quotes via your broker.
4. Plan policy limit + retention
Typical limit: 10% of purchase price. Retention (deductible): 0.5-1% of purchase price.
Dangers and traps when selecting
1. Single-quote pricing
Always get 3+ underwriter quotes via your broker. 20-40% pricing variance.
2. Inadequate policy limits
10% of purchase price is standard; some deals need 15-25%.
3. Missing the tail period
R&W policies typically run 12-72 months. Match to your indemnification + escrow structure.
4. Skipping pre-LOI underwriter introduction
Pre-LOI engagement gives 4-6 weeks for underwriting; rushed post-LOI underwriting reduces coverage options.
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About the Author
Christoph Totter is the founder of CT Acquisitions, a buy-side partner headquartered in Sheridan, Wyoming. We work directly with 100+ buyers, search funders, family offices, lower middle-market PE, and strategic consolidators, including direct mandates with the largest consolidators that other intermediaries cannot access. The buyers pay us when a deal closes, not the seller. No retainer, no exclusivity, no contract until close. Connect on LinkedIn · Get in touch
Frequently asked questions
What does an R&W insurance broker do?
R&W brokers place reps and warranties insurance policies on M&A deals. They (1) identify suitable underwriters, (2) negotiate premium + coverage terms, (3) coordinate underwriter diligence, (4) bind the policy at closing, (5) coordinate post-close claims if needed.
Who are the best R&W insurance brokers?
‘Big three’ (Marsh NYSE: MMC, Aon NYSE: AON, Willis Towers Watson NASDAQ: WTW) for $50M+ deals. Lockton (largest privately-held) for $25-100M. Crum & Forster (direct underwriter) for LMM. Hub International (Hellman & Friedman-backed) for LMM specialist coverage.
How much does R&W insurance cost?
Premium: 2-3% of policy limit. Policy limit typically 10% of purchase price. On $10M deal with $1M policy limit: premium ~$20-30k. Plus broker commission: 15-20% of premium ($3-6k).
When is R&W insurance worth it?
Standard for $5M+ deals in 2026. Material benefit: (1) reduces seller escrow requirement (vs. indemnification-only), (2) buyer recovers from insurer post-close not from seller, (3) cleaner exit for sellers wanting to walk away.
How does CT Strategic Partners coordinate R&W?
On retained buy-side mandates, we coordinate R&W broker introduction at LOI signing. Brokers need 4-6 weeks to underwrite; engaging early saves rushed coverage. We typically work with the buyer’s preferred broker.