Direct answer. Carrier, MGA, MGU, program, coverholder, and wholesale-broker labels describe different functions. The exact transaction role, risk-bearing entity, delegated authority, distribution channel, and current Hedge access must be verified before anyone treats a market as usable.
An admitted insurance carrier holds authority from a state insurance regulator to transact specified insurance in that state. Admitted status is state and entity specific. It does not establish that Hedge is appoint...
Open market guideAn excess and surplus lines carrier is a nonadmitted insurer eligible to assume certain risks through the surplus lines system. The licensed surplus lines broker handles transaction-specific compliance. Eligibility,...
Open market guideA managing general agent is an intermediary that performs functions for an insurer under a contractual grant of authority. The actual authority may include underwriting, binding, policy issuance, premium administrat...
Open market guideA managing general underwriter generally performs delegated underwriting functions for an insurer or risk-bearing entity. The title often emphasizes underwriting responsibility, but the controlling agreement determi...
Open market guideAn insurance program administrator manages a defined insurance product for a target class or distribution channel. It may have delegated underwriting authority, or it may administer a product subject to carrier appr...
Open market guideA wholesale insurance broker is an intermediary that helps a retail producer access specialty or surplus lines markets and structure difficult placements. A wholesale broker is not the risk-bearing carrier. Hedge do...
Open market guideA Lloyd's coverholder is a company authorized by a Lloyd's managing agent to enter into insurance contracts on behalf of a syndicate under a binding authority. The binding authority defines the coverholder's product...
Open market guideA risk retention group is a liability insurance company owned by its insured members, which share similar insurance needs. It is domiciled in one state and may register to operate in other states under the federal L...
Open market guideA commercial insurance carrier appetite guide is a directional description of classes, states, coverages, limits, and risk characteristics a carrier may consider. It is not a quote, appointment, product activation, ...
Open market guideHedge does not send submissions or risk files to another wholesale broker, retail agency, or producer intermediary. An MGA, MGU, carrier program, delegated-authority program, or niche underwriting market may be used only when the exact desk is acting as the underwriting market.