UK: Continuing the reinsurance of a portfolio under a cancelled treaty until all premium is earned or all losses settled or both.
***
REINSURANCE: Continuing the reinsurance of a portfolio until all ceded premium is earned, or all losses are settled, or both. While a loss runoff is usually unlimited as to time, a premium run-off can be for a specified duration.
***
REINSURANCE: The opposite of Return of Portfolio – permitting premiums and losses in respect of in-force business to run to their normal expiration upon termination of a reinsurance treaty.