REINSURANCE: A reinsurance contract (usually pro-rata) under which the subject matter business must be ceded by the ceding insurer in accordance with contract terms and must be accepted by the reinsurer.
***
REINSURANCE: A reinsurance contract under which the subject business must be ceded by the insurer in accordance with contract terms and must be accepted by the reinsurer.
***
UK: A reinsurance treaty under which the original insurer must cede and the reinsurer must accept all risks falling into the class of business covered by the treaty.