What is the difference between a broker and an insurer?

According to Brian Duperreault during his speech at the Rendez-Vous de Septembre reinsurance meeting in Monte Carlo:

“It’s instant gratification. When you bind a big piece of business, as a broker you celebrate. As a carrier, you don’t know whether to laugh or cry.”

Thanks to Regis Coccia for the original post over at Business Insurance.  (He’s looking after Sally’s column while she’s away.)