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Treaty

See: automatic reinsurance .
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A reinsurance contract under which the reassured agrees to offer and the reinsurer agrees to accept all risks of certain size within a defined class.
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REINSURACNE: A reinsurance contract under which the reinsured company agrees to cede and the reinsurer agrees to assume a portfolio of risks of a particular class or classes of business.
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Reinsurance under treaties relating to specified classes of policies.

Treaty firm

Firm whose head office is situated in an EEA state other than the UK and which is incorporated in that state. Automatic authorisation is given, subject to conditions that include a ‘consent notice’ from the home state regulator, to firms exercising EC Treaty rights. Authorisation by the home state regulator provides the firm with a ‘passport’ to carry on business in the UK. See SINGLE INSURANCE MARKET.

Treaty Reinsurance

An agreement made between the Ceding Company and the Reinsurer under which the former agrees to cede obligatorily a portion of risk up to agreed limit to the Reinsurer, who in turn agrees to accept such cessions.
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UK: Under treaty arrangements the cedant agrees to offer, and the reinsurer agrees to accept, all risks of a defined class. This enables the cedant to grant immediate cover for ‘large’ risks without first seeking the reinsurer’s consent. See QUOTA SHARE; SURPLUS LINE; EXCESS OF LOSS, and compare with FACULTATIVE REINSURANCE.
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UK: a type of reinsurance under which the reinsurer agrees in advance to accept a specified proportion of all risks or losses falling within a category defined in the contract (contrast facultative reinsurance).
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An agreement in which the ceding company agrees in advance to cede certain classes of business or types of insurance to a reinsurance company. The reinsurer agrees to accept all risks or losses that fall within the terms of the agreement. A treaty contains common contract terms along with a specific risk definition, data on limit and retention, and provisions for premium and duration.