Liberty Acquisition Protect is the first and only M&A insurance solution covering both historic and go-forward risk. With the strong M&A momentum in the Asia-Pacific region, Liberty Acquisition Protect offers M&A buyers enhanced deal security with a first-of-its-kind packaged solution developed by one of Asia Pacific’s largest and most experienced transaction insurance teams. It seamlessly integrates a suite of go-forward operational insurance coverages with the traditional W&I process.
About Liberty
AP1059
View the Liberty website
An Introduction to Liberty Acquisition Protect™
What is M&A insurance?
up roughly 37% from 2024.3
Liberty’s core M&A products
We’re seeing strong M&A momentum in the Asia- Pacific region
Deal values in 2025 reached almost
US$1 trillion
Liberty Acquisition Protect™
2. Go-forward risk
1. Historic risk
Liberty’s new Acquisition Protect addresses the coverage gap that exists in traditional M&A insurance. When a purchaser acquires a business, they inherit two categories of exposure;
A traditional Warranty & Indemnity policy only solves for the historic risk. Now, Liberty’s new Acquisition Protect product solves for both.
Two additional go-forward coverages, at no additional cost
Head of Asia Pacific, Liberty Global Transaction Solutions
William Lewis
How Liberty Acquisition Protect works
Liberty Acquisition Protect is a game-changer for M&A buyers, including private equity firms, offering a readily available risk solution for each acquisition, a predictable cost structure, and a seamless way to de-risk both the past and the future of the asset. We are now providing clients with two additional go-forward coverages, at no extra cost, tailored to the specific needs of your deal. These coverages can be renewed on an annual basis, and clients can also choose to expand or limit the coverage provided. With Liberty Acquisition Protect, we’re your long-term trusted insurance partner that not only covers your one-off transaction risk but, your go-forward business risk.
Liberty Acquisition Protect is an enhanced W&I solution that extends the traditional, historic risk protection of transactional liability tied to the acquisition, with a suite of go forward operational insurance coverages providing protection for risks that may arise after the acquisition completes. Forward operational insurance coverages providing protection for risks that may arise after the acquisition.
The traditional Warranty & Indemnity W&I policy remains the anchor, with add on coverages offered as seamless options, at no extra cost. And while the W&I remains a one-off, deal specific policy, the add-on coverages are renewable, giving you on-going protection and peace of mind post-acquisition.
The go-forward add-on coverages include:
View Directors & Officers Policy (AU)
D&O Insurance protects leaders from claims arising from their management decisions and actions.
Directors & Officers (D&O) Insurance
View Cyber Policy (SG)
Cyber Insurance provides proactive risk mitigation and rapid incident response.
Cyber Insurance
View Environmental Policy (SG)
Environmental Insurance covers a broad spectrum of general and environmental risks.
Environmental Insurance
View Crisis Management Policy (SG)
Crisis Management Insurance provides financial protection and expert support for businesses facing product-related incidents or public crises.
Crisis Management Insurance
Liberty Acquisition Protect is primary aimed at M&A buyers, including private equity firms, acquisitions across the Asia Pacific region, especially in Hong Kong, Singapore, Australia and New Zealand. That’s because M&A buyers, including private equity firms, who acquire multiple businesses often lack the umbrella coverage of D&O, Cyber, Environmental or Crisis Management insurance. With the inherent complexity that comes with mergers and acquisitions, we know the value that comes from simplicity and certainty. Liberty GTS works with you to ensure a clean, de-risked acquisition with one flat premium, additional coverages, standard Liberty policy wordings, renewable add-ons, and a seamless integration with W&I.
Umbrella coverage for M&A buyers
A differentiated, value-added offering A simple, bundled solution that’s easy to explain and place Access to Liberty’s global expertise and standardised policy wordings A compelling proposition for competitive deal environments
For Brokers
For M&A buyers
Immediate Value - Built-in additional coverages to further de-risk acquisitions at no additional cost Dual Risk Protection - Protects both historic and future risks of the acquired business Seamless and Efficient - Coverage placement from day one of acquisition during what is typically a hectic period for buyers Client Relationship Focus - Creating an ongoing business partnership, not just one-off transaction Predictable Costs - One flat premium with transparent structure - one invoice Competitive Deal Environments for Sellers - Bundled LAP solution can help vendors extract the highest value from bidders in competitive auctions Ongoing Support - Renewable policies are configurable at client request or as the business grows Portfolio Efficiency - Of particular benefit to acquirers without group-wide insurance programs such as PE firms
With both speed and stamina, we’re the partner you can count on at a moment’s notice, and long after the ink has dried. We help buyers, sellers, and advisors execute deals with confidence. Liberty GTS provides insurance solutions that protect value, reduce uncertainty, and keep transactions moving.
Liberty GTS is one of the world’s largest and most experienced M&A insurance teams. Liberty GTS is unique in that it operates as one global business unit, delivering consistent underwriting, deep technical expertise, and market‑leading claims handling across all major regions. With more than 300 years of collective experience, our Liberty GTS team has the skill set to match the DNA of any deal. So, whether you’re based in Sydney, Hong Kong, Singapore, London or Shanghai, Liberty GTS has a team of experts to suit your needs.
With the inherent complexity that comes with mergers and acquisitions, we know the value that comes from speed, simplicity and certainty. Our global reach gives us the scope to cover transactions of any type and size and allows us to customise our teams based on local, regional and sectoral expertise. With more than 90 specialists supporting over 1,500 M&A deals annually, Liberty GTS has earned a reputation for executing the largest and most complex deals in the region. We work across borders to ensure our clients have access to decision makers 24/7.
Why Liberty Global Transaction Solutions
The Liberty GTS advantage
One global team delivering consistent underwriting across jurisdictions
Deep specialist expertise from former lawyers, accountants, and deal professionals
Financial strength backed by Liberty Mutual Insurance Group
Market-leading claims handling with dedicated M&A claims specialists
Long-term partnership from pre-deal to post-completion
Capacity and reliability for deals of all sizes and complexities
Our APAC hubs in Hong Kong, Singapore, and Australia are home to experienced transactional liability underwriters known for commercial, deal-savvy underwriting, rapid turnaround, clear communication, deep technical knowledge, a collaborative, solutions focused approach, and exceptional claims expertise. This combination of global scale and local responsiveness is what sets Liberty GTS apart.
Liberty GTS has the most experienced team in Asia Pacific for all types of transactional risk insurance, having locally served the region for over fifteen years. Our underwriters have extensive M&A experience gained in both top law firms and the Big Four professional services firms and have a broad range of sector expertise. This allows us to underwrite even the most complicated transactional risks. With the prevalence of cross-border transactions in the Asia Pacific region, our collaborative, localised underwriting approach allows us to offer the most sophisticated outcomes for our clients in a very timely manner. The Asia Pacific team is supported by Liberty GTS colleagues in jurisdictions around the globe and we have an earned reputation for executing the largest and most complex deals in the region.
The Liberty Acquisition Protect offering showcases the advantage of working with a global insurer operating at scale. This multi-product solution allows our M&A clients to benefit from Liberty’s extensive range of expertise.
Global Lines Leader, Liberty GTS
Gareth Rees
Your expert local team
Email William
Email Kaihui
Head of Tax, APAC
Kaihui Chong
Email Geoffrey
Regional Manager - Asia Pacific
Geoffrey Lee
Email Keshaya
Asia Portfolio Manager
Keshaya Yap
Email Sanjeve
Senior Underwriter, India and Malaysia Lead
Sanjeve Prakasam
Email Rachel
Senior Underwriter, Australia and New Zealand Lead
Rachel Mimmo
Email Damian
Senior Underwriter, Southeast Asia and China Lead
Damian Ng
Email Karen
Senior Underwriter, North Asia Lead
Karen Hui
Email Joaquin
Analyst
Joaquin Marquez
Email Ashley
Junior Underwriter
Ashley Yuen
Email Sophie
Sophie Morgan
Your Asia Pacific specialists
The most common types of M&A claims tend to be financial statement inaccuracies, tax warrant breaches, working capital disputes, compliance breaches, undisclosed litigations and material contract breaches.
Liberty GTS has a dedicated M&A Claims team who specialise in dealing with complex M&A claims. This team works closely with our team of underwriters from contract inception, so they are well-versed in all the details of the agreement. In the event of a claim, our entire team works together to ensure a timely and considered response. While this paradigm seems obvious, it’s unique. We understand there’s a lot at stake with any M&A deal. Working with Liberty GTS gives you peace of mind and helps reduce the risks for all parties.
The true test of an insurer lies in its claims capability. Our market-leading claims proposition is embedded throughout the underwriting process, giving us unmatched insight into the deal. Our disciplined, transparent and solutions focused approach ensures valid claims are handled efficiently and fairly, protecting the value of the deal when it matters most.
Claims Counsel, Liberty Global Transaction Solutions
Simon Radcliffe
Liberty's claims advantage
1 2026 Global M&A Outlook | Global M&A Activity in 2026 | Goldman Sachs 2 Key Insights from Goldman Sachs Investment Banking’s 2026 Global M&A Outlook | Goldman Sachs 3 Global M&A Insights 2025: Trends and Outlook for 2026
2026 is expected to be a strong year for M&A activity globally, building on the high activity seen in 2025. A combination of big pools of capital, improving market conditions, and the ongoing impact of AI are encouraging many companies to rethink strategies and to consider deals to help drive growth or acquire new capabilities. Put simply, M&A will be used to secure technology, talent and scale. Global deal volumes were near all-time highs in 2025, and that trend is expected to continue into 2026 and beyond.1 Market data shows strong M&A momentum in the Asia Pacific region. In 2025, deals over $500 million in Asia-Pacific rose steeply – up 300%, compared to 74% in the Americas and 150% in Europe. In Australia, data for 2025 reported roughly AU$150 billion in M&A deals, with strong cross-border interest, especially from Japan and other Asian funds.2
Market insights: Outlook for global M&A activity
US$946 billion
up roughly 37% from 20243
Asia-Pacific deal value in 2025
up roughly 36% from 20243
US$3.1-3.9 trillion
Global M&A deal value in 2025
The best way to protect your deal is by using M&A insurance. M&A insurance is used to provide protection, for both buyers and sellers, against financial risks arising from mergers, acquisitions, restructures, and other complex corporate transactions. It’s commonly used in private equity and corporate acquisitions to make deals cleaner, faster and less contentious.
If you’re buying a business, then Liberty Global Transaction Solutions (Liberty GTS) is one of the largest and most experienced M&A insurance teams in the world. We provide comprehensive insurance solutions to cover all deal-related risks.
Liberty GTS offers two core M&A risk solutions:
Financial statements are accurate No undisclosed liabilities Compliance with laws Valid contracts Tax filings are correct No undisclosed litigations
Warranty & Indemnity
Examples of warranties include:
Warranty & Indemnity is the most common form of M&A insurance. It protects against losses if a seller’s warranties – statements of facts about the business in the sale agreement – turn out to be untrue. If a warranty is breached, and the buyer suffers a loss, then the policy responds instead of (or alongside) the seller.
Uncertain tax positions (for example, capital vs revenue treatment, transfer pricing risk or deductibility of expenses) Transaction structuring risks (for example, tax-free reorganisations, demerger relief, or roll-over relief) Historic risks (for example, prior restructuring, cross-border withholding issues or GST treatment)
Tax liability insurance is typically used for:
Tax liability insurance is a policy that protects a buyer (or sometimes a seller) against a specific or identified tax risk arising from a transaction or historical structure where there is uncertainty about how a tax authority might rule. It is not general tax cover – it offers protection for a known issue with an uncertain outcome.
Tax Liability
An introduction
Liberty Acquisition Protect
Market insights
See a summary of how Liberty Acquisition Protect seamlessly integrates with the traditional W&I process
LAP is intended to be offered on all buy-side W&I policies above a set minimum premium (where licensing permits)
Must source separately
Two included at no extra cost
Go-forward operational coverage
Historic risk coverage
Traditional W&l Market
Single submission
Multiple submissions
Submission process
One (Liberty)
Multiple
Number or Insurers
Seamless integration
Potential gaps
Coverage coordination
One flat premium
Separate premiums for every policy
Cost structure
Add-ons renewable annually
W&I one-off only
Renewability
Standard Liberty wordings
Varied across insurers
Policy wordings
Business relationship
Transaction-focused
Long-term partnership
Seamless Integration with Traditional W&I Process
The W&l Underwriting Process Remains the Same
Add-on insurances do not slow down the W&l underwriting process Add-on insurances placed with a "light touch' seamless approach on and from deal completion Add-on coverages offered at no additional cost (for base coverage) Policy wordings remain separate for each product Upon request, base coverage can be renewed or enhanced for additional premium
How LAP Works
Limit up to $1m Insured events include food, beverage, cosmetics, product recall, unsafe stock, adverse publicity & product withdrawal Other manufacturing industries: Product Safety, Government Recall & Product Withdrawal Covered Losses: Recall costs (first & third party), replacement costs & consultant & advisor costs
Why it matters in M&A: The financial impact of product recalls can be highly damaging. In many cases, recall expenses are excluded under standard product liability policies.
Crisis Management
Liberty's environmental insurance products help to protect against four potential losses arising from a pollution incident Limit up to $1m Clean-up costs (historical conditions available upon further review and AP) Property damage and bodily injury Emergency response costs Crisis containment expenses Regulatory actions
Why it matters in M&A: The financial and business interruption implications following an environmental incident can be significant, especially when the event generates substantial publicity.
Liberty's Cyber insurance is designed to support organisations as cyber risks grow more complex, offering long-term audience and clear protection. It provides comprehensive first- and third-party cover, including damage to digital assets, non-physical business interruption, cyber extortion, optional reputational harm cover, and customer care/reputation expenses. Limit up to $1m Data breach and business interruotion Cyber extortion and ransomware Regulatory fines and customer care costs
Why it matters in M&A: Integration periods create heightened cyber vulnerability through system changes, data migration, and network integration M&A creates prime attack windows.
Liberty's D&0 Essential liability policy offers robust cover with a strong wording. Limit up to $1m with higher limit options available with an AP Protection of the personal assets or the Directors & Officers with Company Reimbursement Cover Self-Report, Raid & Inquiry Costs & Expenses Advancement of Defence costs
Why it matters in M&A: Protection for directors and officers from claims arising from management decisions and actions during the critical post-acquisition period. Integration periods create heightened governance and decision-making risks.
Directors & Officers(D&O) Insurance
View Directors & Officers Policy (SG)
How LAP works
View Cyber Policy (AU)
View Environmental Policy (AU)
View Crisis Management Policy (AU)
Professional & Financial Risks
We offer protection from the increasingly complex liability risks faced by today’s professional world.
Liberty is not authorised to provide financial product advice. The information in this document does not take into account your objectives, financial situation or needs. Always consider the applicable policy wording and other relevant documents before deciding to acquire a Liberty financial product. © Liberty Mutual Insurance Company 2025. This information is current as at 2 March 2026. Liberty means Liberty Mutual Insurance Company, Australia Branch (ABN 61 086 083 605) incorporated in Massachusetts, USA (the liability of members is limited).
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Australian 2025 3rd quarter results
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Unlimited statutory protection in Australia
Capacity
We're a specialist insurer for Excess of Loss Workers Compensation.
Australia
Common Law limit up to SG$30m
We provide a unique risk engineering engagement to our policyholders through our partnership with Fusion Safety Management.
Singapore
Casualty
Construction
Energy
Property
Marine
Accident & Health
Surety
Environmental Impairment Liability
Financial Risk Solutions
War & Terrorism
Excess Workers Compensation
Mergers & Acquisitions
Weather
Since 2013 Liberty has been part of Symal’s growth journey. As your business has grown, ours has too. Today we’re at the forefront of developing customised insurance programs and managing claims for some of Australia’s largest and most complex contracted service, construction and infrastructure businesses. We’re proud to support Symal and other leading businesses and government bodies in shaping Australia’s development.
This is one of our flagship lines of insurance, and we’re regularly first to market with innovative products that reflect changing market trends. As a product line characterised by long-tail and complex claims, you can rely on our stability and continuity to be there for clients when they need it most.
Professional Indemnity A$25m Australia US$20m Asia
Cyber US$15m
Directors and Officers Liability A$25m Australia US$20m Asia
Statutory Liability (in Australia) A$20m
Information Technology Risks A$25m Australia US$20m Asia
Financial Institutions & Services A$25m Australia US$20m Asia
Risk exposure
Contractor expertise
Business continuity plans
Construction methodology
Emergency response procedures
Approach to loss mitigation
Sophisticated product wordings and a broad risk appetite mean that Liberty can cover a spectrum of liability risks, from small to medium enterprises, specialist associations through to large corporations.
We have considerable experience in construction and infrastructure projects, as well as high-hazard risks associated with US exports, chemical/petrochemical plants and offshore oil and gas.
General and Product Liability (Combined Primary & Excess Liability) A$50m Australia US$50m Asia
Financial Loss Liability (claims made basis) A$25m Australia US$25m Asia
Excess Workers Compensation (in Australia) Unlimited
Environmental Impairment Liability A$25m Australia US$25m Asia
Statutory Fines and Penalties (in Australia) A$5m
We understand the diverse and complex insurance needs involved in infrastructure and construction: the construction process, the people, transportation of cargo, consequences of delay in start up, and the environment.
Our broad business appetite is backed by strong capacity and substantial experience insuring infrastructure and construction for high-end projects, as well as offering comprehensive cover, especially multi-product solutions, for smaller, less complex projects.
Construction Material Damage & Delay in Start Up US$150m
Environmental Impairment Liability Fixed-site pollution liability US$25 Contractors Pollution Liability US$25m
Professional Indemnity Construction Consultants US$25m Design & Construct Contractors US$25m Construction Projects US$20m
Property Construction, civil construction, erection risks US$150m
Marine Project cargo and marine delay in start up US$100m
Primary Liability Project-Specific Construction Liability US$50m
Weather Index Construction Delay
Group Personal Accident & Sickness
The oil, gas, chemical/petrochemical and power generation industries pose complex risks requiring sophisticated insurance cover.
We cover Industrial Special Risks, such as fires, explosions, natural perils, machinery breakdown and business interruption. Our risk engineers’ advice is key to tailoring the best-fit insurance cover.
$150m
Designed to protect a range of businesses or enterprises with assets valued from $15m and above. We protect property, physical assets and business interruption against damage from fire, storm and other insured perils.
Our value to clients is underpinned by our underwriting expertise, risk engineering engagement and exceptional claims outcomes using our market-leading Fast Track claims approach.
up to US$150m per risk insured
If you have clients who are transporting cargo, operating a commercial fleet, building a vessel or running a project that relies on the transit of goods – our marine team will make sure you’re in safe hands.
We offer an online quotation system to make it easy to transact with us, and our fast track claims service means claims less than $25k can be taken care of quickly and efficiently.
General Cargo $100m
Builders Risk $25m
Project Cargo and Delay in Start up Products $100m
Commercial Hull (lead in Asia, coinsurance line in Australia) $25m
Marine Liability $50m
We protect businesses from the negative impact that an event can have on their reputation.
Clients have exclusive access to our panel of consultants who can assist you in the event of a claim. We’ll pay these costs for 12 months from date of loss. The panel consists of food technologists, crisis management consultants, malicious product tamper experts and PR consultants.
Contaminated Products $15m
Product Recall $15m
Kidnap, Ransom & Extortion $25m
Australian companies and organisations can rely on us to protect their people at home in Australia and abroad.
Our custom designed and built transaction platform makes it straightforward for brokers to quote and bind our suite of Corporate Travel, Expat and Group Personal Accident and Sickness policies. Our comprehensive products are backed by a locally based Claims and Emergency Assistance experience.
We offer companies a range of surety bonds and guarantees, as an alternative to bank guarantees.
Liberty Global Surety write more than US$1.5b in surety premiums globally each year. Our bond capacity is one of the highest offered in the Asia Pacific and global surety marketplace. We support mid-size businesses, right up to leading global multi-national corporations. Clients benefit from our global capabilities and local expertise through our regional network and global offices.
Performance & maintenance
Decommissioning/rehabilitation
Performance
Advance payment
Deposit
Regulatory guarantees
Types of bonds on offer:
Bank-fronted and syndicated structures
Import/export quota
Retention
Bid/tender
Lease
Shipbuilder’s refund guarantee
Council
Maintenance
Supply Workers’ Compensation
Customs/deferred duty
Offsite materials
We offer protection from a pollution incident beyond the third-party liabilities typically covered in a general business liability policy.
View our environmental digital experience
There are increasing regulatory obligations for cleaning up environmental incidents, and brand damage recovery costs can be substantial. This is a relatively new line of insurance that can protect a wide range of industries from potential losses.
Fixed-site pollution liability A$50m Australia US$25m Asia
Contractors Pollution Liability A$50m Australia US$25m Asia
Businesses face a range of risks, especially when venturing into emerging markets. Where these risks come from government intervention, contract frustration, political violence or credit default, our global Financial Risk Solutions team has both the experience and capacity to help.
On our team we have experienced underwriters and analysts. They each bring their own specialist skills, experience and understanding of both global credit and political risks – to craft insurance solutions that best suit our clients.
US$100m
Political instability is an unfortunate reality around the world, and terrorist attacks are on the rise.
Liberty is a market leader in writing a worldwide book of war and terrorism insurance cover, protecting businesses from terrorism, insurrection, sabotage and riots. Our solutions offer critical protection and can cover: Damage to tangible business assets, including buildings and contents Lost income if operations shut down Extra expenses incurred to continue operating Liberty has a dedicated War & Terrorism underwriting team based in Singapore, and coverage can be offered stand-alone or with our property coverage.
Sabotage & Terrorism US$250m
War US$100m
In Australia, we’ve been offering competitive and tailored reinsurance programs for Self Insurers since 2001. Whilst in Singapore, we provide primary insurance cover through our Workplace Protect policy that offers certain benefits beyond statutory requirements.
The Liberty Global Transaction Solutions team is known for executing the largest and most complex deals in the region.
The team offers a range of solutions for transactional risks, including: Warranty & Indemnity Tax Indemnity & Tax Credit Contingent Risk After the Event Insurance
$200m
Even if a business knows how normal weather affects its earnings, unexpected extreme weather events present their own risks.
Whether accumulated rainfall, wind speed or average temperature, there are a wide range of scenarios where a tailored insurance solution can be considered for protection against losses or damages incurred because of adverse, measurable weather conditions. This includes products specifically designed for construction companies, outdoor event operators and forestry plantations.
Parametric Weather Index solutions based on weather data
Forestry Bushfire Insurance drawing on satellite imaging technology
Type of solutions:
About Liberty Specialty Markets
AP1036
Liberty is not authorised to provide financial product advice. The information in this document does not take into account your objectives, financial situation or needs. Always consider the applicable policy wording and other relevant documents before deciding to acquire a financial product. This information is current as October 2025. Liberty means Liberty Specialty Markets, a trading name of Liberty Mutual Insurance Company, Australia Branch (ABN 61 086 083 605; AFSL No. 530842 (for claims handling and settling services only)) incorporated in Massachusetts, USA (the liability of members is limited); Liberty Specialty Markets Hong Kong Limited (UBI 66395065); Liberty Specialty Markets Singapore Pte Limited (UEN 201538069C); and Liberty Specialty Markets Singapore Pte Limited, Labuan Branch (Company No. LF12903), a licensed insurer under the Labuan Financial Services and Securities Act 2010 (Licence No. IS2016162).
