Lockton has formalized its global transaction liability practice, bringing together its warranties and indemnities (W&I) and broader deal risk capabilities into a single, integrated platform across all major M&A markets.
The move extends a model developed in North America across Lockton’s international footprint and underlines the privately owned broker’s continued push into specialist advisory lines. The global practice will be co-led by US transaction liability leaders Josh Halpern, Matt Heinz, Gaurav Sud and Eric Ziff.
The announcement comes as global M&A activity continues to stabilize after a period marked by higher interest rates, valuation uncertainty and geopolitical tension. W&I and wider transaction liability cover are now embedded as standard on mid-market and large-cap deals in North America, Europe and Asia-Pacific,
Lockton’s transaction liability practice advises on W&I insurance, tax liability and contingent risk solutions, as well as bespoke structures for known issues and special situations. These covers can influence bid dynamics, where risk sits post-closing and how competitive a buyer appears in auction processes.
As part of the global expansion, Lockton has hired Mary Duffy as head of global expansion and market strategy for transaction liability. Duffy joins after 13 years at AIG, where she most recently served as global head of mergers & acquisitions insurance, leading the market’s largest transaction liability carrier.
“What drew me to Lockton was the seriousness of its commitment to building a truly global transaction liability platform,” Duffy said. “The firm is investing in technical depth, integration across regions, and a consistent approach to advising clients, rather than simply expanding footprint. That focus on quality and alignment is what enables clients to engage with confidence across borders.”
Lockton also sees an opportunity to aggregate claims and near‑miss experience globally, feeding that data back into underwriting and deal support. The firm aims to use that intelligence to refine wordings, flag common breach areas for deal teams and anticipate where risk allocation negotiations are most likely to become contentious.
The build-out includes continued expansion in Asia-Pacific, led by Terence Montgomery, who joined Lockton in September. Montgomery, previously head of M&A Asia-Pacific at another global broker, has more than 20 years’ experience advising private equity and corporate buyers on complex, high‑value transactions across the region.
“Dealmakers in Asia-Pacific are executing increasingly complex cross-border transactions and expect advice that reflects both local market realities and global deal standards,” Montgomery said. “Lockton’s integrated platform allows us to deliver that balance consistently - with technical rigour, a strong focus on execution and coverage, and in a way that aligns with how sophisticated clients operate across the region and globally.”
Lockton has also established dedicated transaction liability practices in Latin America, led by Bruna Reis, and in India, led by Anand Kaul, alongside continued growth in the UK and the Nordics.
For cross‑border acquirers, fragmented regional approaches can mean inconsistent coverage, duplicated workstreams and slower execution when timetables are tight. Lockton is pitching its platform as a way to apply a single playbook to global deals – from aligning submissions and coverage positions across markets to leveraging insurer relationships and claims data to negotiate more consistent terms.
“These appointments represent an important milestone, but they are not an end point,” Ziff said. “We are committed to building depth and excellence in every region in which we operate and to ensuring that clients can rely on the same Lockton experience wherever they are transacting.”
