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Broker World terms
Marsh, Aon, Gallagher and the middle market.
Captive agentAn insurance agent who sells for a single insurer or insurance group, as opposed to an independent agent who places business with several carriers.Independent agentA licensed agent who works for an agency, not an insurer, sells policies from several carriers, and usually owns the client relationship and renewals.Managing general agent (MGA)An agency or underwriting firm that an insurer authorizes by contract to quote, bind and issue policies for a defined book, sometimes handling claims too.Surplus lines brokerA specially licensed broker who places coverage with non-admitted insurers after the admitted market has declined, and handles the required filings and taxes.