Category: Reinsurance brokers and structures · Reviewed by Jake Leat, Associate Director · Last reviewed 2026-06-05
A reinsurance broker is a regulated intermediary acting between cedants and reinsurers. Reinsurance brokers are responsible for the design, placement, negotiation and ongoing administration of reinsurance arrangements, providing expertise in market access, structuring, pricing analysis and claims advocacy.
Category: Reinsurance brokers and structures Also known as: reinsurance intermediary, RI broker, treaty broker Related concepts: reinsurance, reinsurance treaty, lead reinsurer
The global reinsurance broking market is dominated by three firms — Aon, Guy Carpenter (a subsidiary of Marsh McLennan) and Howden Tiger — together with a number of specialist and regional brokers. Reinsurance broking is structurally distinct from primary insurance broking, requiring deep specialist knowledge of the reinsurance market, the technical pricing methods used by reinsurers, and the ongoing relationships with reinsurance underwriters globally.
The reinsurance broker is paid by the cedant, typically through a commission on ceded premium (or, increasingly, through fee-based arrangements). Broker remuneration is disclosed in the slip and treaty wording.
Reinsurance brokers are regulated by the FCA (in the UK) or by the equivalent local regulator under the Insurance Distribution Directive [1]. The broker acts as agent of the cedant and owes the duties of care, skill and loyalty to its principal. Conflict of interest disclosure, client money handling and conduct of business obligations under the FCA Handbook (SUP, ICOBS, CASS) apply.
The reinsurance broker’s annual cycle includes: preparing the cedant’s submission (portfolio, loss history, exposure data, current programme, proposed terms); presenting the submission to a panel of reinsurers; negotiating quotes; recommending a structure and panel to the cedant; finalising the placement; supporting accounting and claims; and providing market intelligence throughout the year.
The major reinsurance brokers offer additional services: catastrophe modelling, capital advisory, structured solutions design, ILS placement, ratings advisory, and dispute resolution. The broker’s value-add extends well beyond placement to the technical and strategic management of the cedant’s reinsurance programme.
For Apex clients, while we are a retail broker rather than a reinsurance broker, our relationships with reinsurance brokers are important: many of our key carrier panel members rely on reinsurance broker counsel for their outwards programmes, and this affects placement availability and pricing.
An illustrative example: a UK property insurer engages Aon as reinsurance broker for its 2024 catastrophe XL programme. Aon prepares a submission detailing the cedant’s exposure, loss history and risk profile; presents the submission to a panel of 15 reinsurers across London, Bermuda and continental Europe; negotiates lines and terms; finalises the placement at the 1 January renewal; and provides ongoing support throughout the treaty year.
This entry is part of the Apex Insurance Wiki. Last reviewed by Matt Bartlett on 2026-06-05. Next review: 2026-12-05.
Apex Insurance Brokers Limited. Authorised and regulated by the Financial Conduct Authority, FRN 724952. Registered in England and Wales, Companies House 07014570. This entry provides general information about UK insurance concepts and is not regulated advice. Consult your insurance broker on your specific position.
Apex Insurance Brokers serves UK professional services firms and commercial businesses. Call 0117 325 0027, email hello@apexinsurancebrokers.co.uk, or request a quotation.
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