Mergers & Acquisitions

Underwriting more than 1,000 M&A deals a year, we are familiar with a broad range of sectors, jurisdictions and structures. Our insurance and legal expertise ensures we provide clients with solutions tailored to each transaction.

About This Product

Core appetite

We consider a variety of sectors and risks and our core M&A appetite, with transaction values of £10m – £1bn, covers:

  • Property
  • Renewable Energy
  • Infrastructure
  • Care Homes
  • Education
  • Manufacturing & Distribution


Our core products are designed to protect either the buyer or the seller on a private company transaction.

We provide cover for a variety of tax risks arising in M&A and other transactions, including cover relating to substantial shareholdings exemption, income tax on management shares, entrepreneurs’ relief, SDLT, VAT exemption status, interest deductibility to tax residence, and trading vs investment/transactions in UK land risks.

Warranty & Indemnity / Reps & Warranties Insurance

  • Buyer W&I – Protection for buyers against breach of a seller’s warranty or tax indemnity (inc. protection against fraud by a seller)
  • Seller W&I – Defence costs and damages protection for sellers where buyers claim breach of warranty or indemnity
  • Property Sector M&A – W&I insurance tailored to the ever-changing property investment sector
  • Renewable Energy M&A – W&I insurance tailored to the specific risks of renewable energy

M&A Tax Liability Insurance

  • M&A Specific Tax – Bespoke cover for tax issues identified in due diligence
  • Fund wind-up – Designed to allow the closure and wind-up of a fund
  • Synthetic Tax covenant – Buyer protection where the seller will not provide a tax covenant
  • Tax residence – Protection for buyers of off-shore structures/vehicles
  • Structure collapse – Specialist tax protection for where an asset is extracted from and entity and the entity is to be collapsed
  • Liquidator protection – Protection for liquidators where they need to distribute funds to creditors

Line Size

Per transaction:

  • GBP £100,000,000  (or currency equivalent)

Geographic Focus

International, with a particular focus on:

  • Europe
  • Singapore
  • Hong Kong
  • Middle East
  • Canada
  • Cross-border transactions

Neon can underwrite in any country where Lloyd’s is licensed to trade.


  • Investment funds
  • Commercial companies
  • Individuals
  • Liquidators
  • Lawyers and Corporate Advisers to facilitate M&A transactions

Why choose Neon for M&A?

At Neon, we pride ourselves on the experience, dedication and flexibility of our underwriting teams and M&A is no exception.

We are nimble and creative in our approach, while being service-oriented and a reliable deal partner and offering our trademark excellent claims handling.

We are always open to discussing specific transaction needs and are happy to enter into a confidentiality undertaking before you provide sensitive transactional information and details.

General Enquiries

For all enquiries not related to specific underwriting teams or claims,
please call +44 (0)207 488 7700, email or tweet @Neon_UW