MGA-BROKER

Underwriting delegation from a carrier to a broker MGA.

Definition

MGAs operate under written binding authority. Technical exchanges use ACORD AL3 / ACORD XML for bordereau feeds. Independent brokers typically use AMS (Agency Management Systems) such as Applied Epic or Vertafore AMS360 connected via ACORD APIs.

Origin

Model widely deployed in US commercial insurance and the Lloyds market.

Example in context

A Cyber-specialist MGA transmits a weekly ACORD bordereau to the carrier it represents.

Related terms

• ACORD PCS — exchanged transactions.