Wholesale broker
A wholesale broker is an intermediary that places risks on behalf of retail agents with carriers or MGAs the retail agent cannot access directly, typically for specialty, hard-to-place or surplus lines business.
Also known as: Surplus lines broker
Retail agents bring a risk to a wholesale broker when they cannot place it in the standard market. The wholesaler then markets that risk to multiple carriers and MGAs, and returns with terms.
Wholesale brokers compete substantially on speed. A retail agent will commonly send the same risk to several wholesalers simultaneously, and the one who returns a credible indication first is well positioned to win the business. This makes any delay between receiving a submission and being able to market it directly costly.
It also means the same submission data is entered many times, once per market approached, which multiplies both the manual effort and the opportunity for inconsistency between what different carriers were told about the same risk.
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