Annual Report 2022

Use of Representations and Warranties Insurance, now almost ubiquitous on US and European private deals, broadly reflected M&A deal volumes in 2022, with a strong H1 followed by a weaker H2. In this report we analyze RWI premium rates, retentions, policy limits and seller liability trends during 2022. In addition, we explore the use of RWI on alternative deal structures including preferred equity, public-to-private, minority and secondaries transactions. We also analyze our RWI claims data, providing insight into the most commonly breached representations under RWI policies. We hope you find this report useful and remain available to discuss the content at your request.