ANALYSIS: How Often Does RWI Appear in M&A Agreements?

The number of publicly filed M&A agreements containing references to representations and warranties insurance (RWI) dropped 51% from 2021 to 2022, but this number isn’t necessarily a cause for concern. Last year’s tumble follows the M&A market’s broader trend, and data gleaned from publicly filed M&A agreements over the past 10 years demonstrate an overall increase in the prevalence of RWI-related provisions.

RWI has been a topic of growing interest in the M&A space in recent years, and it can affect many aspects of a merger or acquisition. RWI references can appear in various sections of an M&A agreement, including ...