REINSURANCE: A Reinsurance of a Reinsurance i.e., where the Insurers desires to limit his liability on Reinsurance accepted and in turn gives off part of his acceptance to another Company.
A reinsurance of a reinsurer by another reinsurer. It serves to ‘lay-off’ risk.
A reinsurance of reinsurance. Example Company “B” has accepted reinsurance from Company “A”, and then obtains for itself, on such business assumed, reinsurance from Company “C”. This secondary reinsurance is called a Retrocession. The transaction whereby a reinsurer cedes to another reinsurer all or part of the reinsurance it has previously assumed.
US: A transaction in which a reinsurer transfers risks it has reinsured to another reinsurer.
REINSURANCE:As per IRDA’s General Insurance-Reinsurance Regulations, 2000 Retrocession means the transaction whereby a reinsurer cedes to another insurer or reinsurer all or part of the reinsurance it has previously assumed.
See: “Reinsurance, Retrocession.”
UK: the reinsurance of reinsurance business, providing cover for the business in excess of that which the reinsurer wishes to retain for its own account.
REINSURANCE: The reinsuring of reinsurance. A reinsurance transaction whereby a reinsurer, known as a retrocedent, cedes all or part of the reinsurance risk it has assumed to another reinsurer, known as a retrocessionaire. See Reinsurance.