Guide · Bordereaux · Updated 20 October 2026

Bordereaux management: who does what

Bordereaux management is the work of producing, receiving, validating and reporting the bordereaux that flow through delegated authority insurance: the monthly risk, premium and claims files that MGAs and coverholders send to carriers, and that carriers pass on to reinsurers. Seven kinds of participant and tool take part, from the MGA that builds the file to the finance team that matches it to the bank.

Below: the seven layers by category, the size of the market from public sources, and the Lloyd’s vocabulary (DDM, DCOM, CDR, Coverholder Reporting Standards) that most writing on the subject takes for granted.

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The definition

What is bordereaux management?

Bordereaux management is everything that happens to a bordereau between the delegate who writes the business and the ledger of the party that carries the risk: producing the file in the required layout, receiving it, mapping it to one schema, validating every row against the binding authority agreement, standardising the output for the carrier or for Lloyd’s, and reporting on it. Its output is a trusted data set about what was bound and what was reported.

What bordereaux management does not usually include is the money. Whether the premium on the file arrived in the bank, net of the right commission and tax, is a separate job called bordereaux reconciliation or cash application. The two are often described as one thing. They are not, and the layers below keep them apart.

The seven layers

Who does what in the bordereaux chain?

Seven layers, from the MGA that produces the file to the people who do it by hand. Categories, not vendors: most participants run two or three of these, and the tools in one layer are usually fed by the layer above.

LayerWho sits hereThe jobTool categoryTouches cash?
A. MGA-side bordereaux production MGAs, coverholders, program administrators, TPAs Build the risk, premium and claims bordereau the capacity provider asked for, from the policy administration system, in that provider’s layout. Bordereaux AnalystReconciliation Analyst MGA policy administration systems with a bordereaux export; bordereaux builders No
B. Carrier-side ingestion and validation Carriers, managing agents, fronting carriers, reinsurers Take the files partners send, map each layout to one schema, check every row against the binder, and standardise the output (for Lloyd’s, the Coverholder Reporting Standards file). Bordereaux AnalystBrisc vs VIPR Delegated-authority platforms; bordereaux management software; AI-native mapping and cleansing tools No
C. Finance and regulatory Finance, compliance and data teams Post the validated data to the general ledger, produce market returns, and monitor data quality against market rules. Reinsurance Accounting Analyst Insurance finance platforms; data-quality monitoring; controls suites Sometimes (controls suites)
D. Payment rails MGAs, brokers, carriers Move the money: premium to the carrier, claims funds to the payee, commission to the intermediary. Insurance payment platforms; claims funds providers Moves it; does not reconcile it
E. Cash-to-bordereaux reconciliation MGAs, carriers, fronting carriers, reinsurers Match each bank receipt and remittance to the bordereau line and policy it settles, net of commission and tax, and post the result back to the system of record with evidence. Reconciliation AnalystCash application guideBrisc vs AutoRek Insurance reconciliation software; cash application for insurance Yes
F. Broker-side cash application Retail and wholesale brokers Match carrier statements to the broker’s own receivables and commission. Same vocabulary, other side of the market. Brisc vs Diesta Agency management systems and their reconciliation add-ons Yes, broker only
G. Services Anyone without the headcount People running any of the layers above: outsourced bordereaux processing, coverholder audits, managed services. Partners Insurance BPO; audit and advisory firms; vendor managed services Manual

Brisc works in three of these layers, for carriers, MGAs and reinsurers: MGA-side production (A) and carrier-side validation (B), both through the Bordereaux Analyst, and cash-to-bordereaux reconciliation (E), through the Reconciliation Analyst. On the MGA side the paid bordereau is produced from the reconciled cash, so A and E are one loop. Broker-side cash application (F) uses the same words on the other side of the market and is a different product category.

The market

How big is the delegated authority market?

Large, growing faster than the rest of insurance, and reported through bordereaux almost everywhere. The figures below are quoted as each source published them.

WhatFigureSource
Share of Lloyd’s premium written under delegated authority “circa 45% of the market’s GWP” Lloyd’s 2026 Market Oversight Plan, January 2026
US program business premium, 2024 $110.8bn, up 40% on 2022, across about 1,150 program administrators TMPAA, 2025 State of Program Business study
US MGA direct premium, 2025 $108.7bn, up 17.8% AM Best, 2026
US fronting premium, 2025 $22.6bn, up 17% (Conning); more than $30bn on AM Best’s wider count Conning, August 2026; AM Best, September 2026
Concentration of fronting The ten largest fronting platforms hold about 69% of MGA-dedicated fronting premium Morningstar DBRS, 2026
Canadian MGA market 100 to 120 MGAs writing about C$4bn CAMGA, via Insurance Business Canada, 15 October 2026
Premium paid on time at Lloyd’s “only 43% of premium payments made on time” LMA Operations Q1 2026 update, April 2026

Figures are as published by each source and are not adjusted to a common basis. The US MGA and program-business figures overlap; the fronting figures differ because Conning and AM Best count different populations.

What changed

Why is bordereaux management a live question in 2026?

01

No mandated platform any more

Lloyd’s Delegated Data Manager became elective in September 2024, and Lloyd’s sunset Blueprint Two on 19 March 2026 in favour of common data standards and interoperability. Each firm now chooses its own bordereaux tools and has to make them work with the systems it already runs.

02

Oversight moved from speed to control

Lloyd’s 2026 Market Oversight Plan says that “timely access to risk, premium and claims data is critical” and that “ensuring data adequacy will be a core focus of our oversight”. Every managing agent has a dedicated delegated authority oversight manager from January 2026.

03

The money lags the file

The LMA reports that only 43% of premium payments at Lloyd’s are made on time. A validated bordereau says what was written. The bank says what arrived. The gap between them is the work that bordereaux management, on its own, does not do.

Definitions

The vocabulary, defined

Ten terms used throughout the delegated authority market, defined in one line each.

Bordereau (plural bordereaux)
A periodic report, usually monthly, listing the risks bound, premiums written, or claims paid and reserved under a delegated authority agreement, line by line, from the party that wrote the business to the party that carries the risk. Risk, premium and claims bordereaux are the three standard types.
Bordereaux management
The work of getting bordereaux produced, received, mapped, validated, standardised and reported. It covers the production, validation and finance layers above. The output is a trusted data set about what was bound and what was reported.
Bordereaux reconciliation
Proving a bordereau: within the row (gross less commission, brokerage, tax and fees equals net), against the binder (rates and shares as agreed), against last month’s version, and against the cash that actually arrived. The last step is the one most bordereaux management tools stop before.
Cash application
Matching money received in the bank to the policies, bordereau lines, binders or treaties it pays for, net of what was deducted on the way, and posting the result to the ledger. In delegated authority it is the step that turns a reported premium into a paid one.
Delegated authority
An arrangement in which an insurer or reinsurer gives another party (a coverholder, MGA, program administrator or TPA) the authority to bind risks, issue documents or handle claims on its behalf under a binding authority agreement. Bordereaux are how the delegate reports back.
Fronting carrier
A licensed insurer that issues policies for a program written by an MGA and cedes most or all of the risk to reinsurers, keeping a fee and a small retention. Each program it fronts is a separate bordereaux reporting pipeline into one balance sheet.
Coverholder Reporting Standards v5.2
Lloyd’s mandated set of data fields and formats for risk, premium and claims bordereaux from coverholders, version 5.2 (2019) being current. Syndicates must request and collect the core fields on every binding authority.
DDM (Delegated Data Manager)
The central Lloyd’s and London market service for submitting and processing coverholder bordereaux. It ceased to be a core, mandated market service on 13 September 2024 and continues as an elective service through LIMOSS; managing agents may now choose any bordereaux management system.
DCOM (Delegated Contract and Oversight Manager)
Lloyd’s platform for registering and managing binding authority agreements. Registration of binding authorities in DCOM is mandatory; it holds the contract, not the bordereaux.
Core Data Record (CDR)
The London Market Group’s standard set of data items for placing, processing and settling a contract. In October 2026 the LMG extended it to delegated authority business, giving the market one data standard across all contract types. Adoption is voluntary.

Lloyd’s sources: Coverholder Reporting Standards, DCOM, DDM Elective (LIMOSS), CDR extended to delegated authority (Insurance Business, October 2026), Blueprint Two sunset (Reinsurance News, March 2026). Not everyone calls the file a bordereau: see the names each seat uses.

Where Brisc fits

Which layer is Brisc in?

Three: MGA-side production (A), carrier-side validation (B) and cash-to-bordereaux reconciliation (E), for carriers, MGAs and reinsurers. The Bordereaux Analyst reads each partner’s layout as sent, validates every row against the binder and last month’s file, and produces the bordereau the receiving party requires, including, for an MGA, the paid bordereau built from the reconciled cash. The Reconciliation Analyst then matches the reported premium and claims to the bank and remittance lines that settled them, and posts the result back to your system of record with the evidence attached. Brisc does not move money, is not a Lloyd’s market service, and is not a managed service.

Choosing software? The buyer’s guide covers the shortlist, and the Brisc vs VIPR and Brisc vs AutoRek pages set out where each product stops. Or bring a bordereau and a bank statement and watch them balance.

Common questions

Bordereaux management, answered

What is a bordereau?

A bordereau is a line-by-line report from the party that wrote or handled the business to the party that carries the risk: the risks bound, the premium written, or the claims paid and reserved in a period, usually a month. Risk, premium and claims bordereaux are the standard three. In delegated authority, bordereaux are the main way a carrier or reinsurer sees what its MGAs and coverholders did.

What is the difference between bordereaux management, bordereaux reconciliation and cash application?

Bordereaux management gets the file produced, ingested, mapped, validated and reported: it answers “is this bordereau complete, in the right format, and consistent with the binder?”. Bordereaux reconciliation proves the file: within each row, against the binder, against last month, and against the cash. Cash application is the last of those: matching each bank receipt and remittance to the bordereau line and policy it settles. Most tools in the market do the first; few do the third for a carrier or a reinsurer.

What changed with Blueprint Two and DDM?

Two things. Lloyd’s Delegated Data Manager (DDM) stopped being a core, mandated market service on 13 September 2024 and became elective, so managing agents now choose their own bordereaux system. Then on 19 March 2026 Lloyd’s sunset Blueprint Two, its market-wide modernisation programme, in favour of common data standards and interoperability rather than one mandated platform. The result is a market with no central bordereaux platform, where each firm picks tools that must work with the systems it already runs.

What is Coverholder Reporting Standards v5.2?

The Lloyd’s standard that defines which data fields coverholders must report on risk, premium and claims bordereaux, and in what format. Version 5.2, published in 2019, is the current version. Lloyd’s mandates that all syndicates request and collect the core fields on every binding authority agreement, so most London-market bordereaux tools produce or accept a v5.2 layout.

What is the Core Data Record (CDR)?

The Core Data Record is the London Market Group’s standard set of data items needed to place, process and settle a contract in the London market. In October 2026 the LMG extended it to delegated authority business, so for the first time one data standard covers every contract type. Adoption is voluntary, and the Coverholder Reporting Standards remain the mandated bordereaux format at Lloyd’s.

Who needs cash-to-bordereaux reconciliation?

Anyone who receives a bordereau and is owed the money on it: a carrier receiving premium from MGAs, a fronting carrier with many programs reporting into one balance sheet, a reinsurer settling on cedant bordereaux, and an MGA that has to remit the right net amount to each capacity provider. The LMA’s own figure is that only 43% of premium payments at Lloyd’s are made on time, which is the gap between what the bordereau reports and what the bank shows.

Bring one bordereau and one bank statement.

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