UK: a form of non-proportional reinsurance under which the reinsurer agrees to indemnify the cedant for losses in excess of a specified amount (the cedant’s retention), either in respect of each risk or for claims in aggregate arising from a particular occurrence.
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A form of reinsurance under which recoveries are available when a given loss exceeds the cedant’s retention defined in the agreement.
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A type of reinsurance that covers specified losses incurred by the reassured in excess of a stated amount (the excess) up to a higher amount, for example £5 million excess of £1 million. An excess of loss reinsurance is a form of non-proportional reinsurance.
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US: The reinsurance limit attaches above a per occurrence or aggregate limit.