Clause that distinguishes a reinsurance policy from an underlying marine insurance. The concluding words of the clause are ‘to pay as may be paid thereon’ meaning that the reinsurer is liable only for losses actually covered by his policy regardless of claims paid on the original policy. Many reinsurances are more restricted than the original policy and the clause must then be qualified by terms such as ‘but against Total Loss only.

An allowance expressed as a percentage of the reinsurance premium made by the reinsurer for all or part of the cedant’s acquisition and other costs. The commission may include a profit factor for the cedant. See OVERRIDING COMMISSION; PROFIT COMMISSION; MARINE REINSURANCE COMMISSION.

the insurance of the risks assumed by or potential losses of another insurer (the direct insurer) whereby the latter covers a proportion of the risks assumed or the eventuality of atypically large losses (see also retrocession).

a group of reinsurers who agree to share certain types of business in specified proportions (such a pool is sometimes operated by way of cession and retrocession).
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A multi-reinsurer agreement under which each reinsurer in the group or pool assumes a specified portion of each risk ceded to the pool. Contrast with Reinsurance wheel.

An organisation of reinsurers through which particular types of risk (e.g. certain categories of sub-standard lives seeking life cover) are underwritten with premium losses and expenses shared in agreed proportions. Pooling creates the advantage of averaging over a large number of similar risks.