Portfolio programs, in brief
A portfolio, or master, RWI program is a framework agreed with one insurer for a series of repeat acquisitions. Some programs are a master policy with each acquisition added by endorsement; others are agreed terms and process applied to separate policies. Either way, the aim is a settled policy form and a shorter runway on each add-on.
A program suits an acquirer with a visible pipeline of similar transactions. It is not automatic coverage: each acquisition still requires diligence and insurer approval, and every element is subject to insurer appetite, underwriting, and the issued policy. Programs can also carry commitments — exclusivity, minimum use, or costs for deals that do not close — that belong in the comparison.
Comparing a program with one-off placements
- How many acquisitions you expect, and over what period.
- Their likely size and how similar the targets are.
- The premium and underwriting fees each would carry if placed separately.
- Any exclusivity, minimum-use, or failed-deal commitments the program requires.
- The diligence each add-on will still need.
- Taxes, filings, and any wholesale fee, which sit outside the headline figures.
Published illustration. The firm’s June 2026 scenario of five $5–25M acquisitions over 12 months showed premiums and underwriting fees of about $575K placed separately versus about $340K as a program. It excludes taxes, filings, and any wholesale fee, and is not a rate card or a quote.
Educational summary only, written for this page. Nothing here is an offer of insurance, legal advice, or a quote; availability, pricing, and coverage depend on underwriting and the terms of the policy actually issued.