Market roles

Bordereau

A bordereau is a detailed report that an MGA, coverholder, or ceding insurer sends to the risk-bearer on a set schedule, listing either the policies and premiums written (a premium bordereau) or the claims and losses (a loss bordereau) for the period.

Fronting carrier

A fronting carrier is a licensed, admitted insurer that issues policies on behalf of another party and then transfers most or all of the underlying risk to a reinsurer. It lends its license and paper for a fee while remaining legally responsible to policyholders.

Managing general agent (MGA)

A managing general agent (MGA) is a specialized insurance intermediary to which an insurer delegates underwriting authority, allowing it to select and price risks, bind coverage, and sometimes issue policies, adjust claims, or negotiate reinsurance on the insurer's behalf.

Program business

Program business refers to specialty insurance built for a narrowly defined group of similar insureds, such as a single industry or class of risk, and usually distributed by an MGA or program administrator that holds delegated underwriting authority from a carrier.

Reinsurance broker / intermediary

A reinsurance broker, also called a reinsurance intermediary, arranges reinsurance between a ceding insurer and one or more reinsurers. It designs the program, negotiates terms, and places the risk, and it often handles the flow of premiums and claims between the parties.