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Portfolio Reinsurance

REINSURANCE: A type of reinsurance which refers to all the risks of the reinsurance transaction. For example, if one company reinsurers all of another’s outstanding Automobile business, the reinsuring company is said to assume the, “portfolio” of Automobile business and it is paid the total of the unearned premium on all the risks so reinsured (less some agree commission).
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In transactions of reinsurance, it refers to all the risks of the reinsurance transaction. For example, if one company reinsures all of another’s outstanding automobile business, the reinsuring company is said to assume the portfolio of automobile business and it is paid the total of the unearned premium on all the risks so reinsured (less some agreed commission).
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UK: The transfer by cession of an entire portfolio of policies from a cedant to a reinsurer. It may be prompted by the cedant wishing to exit a particular line of business. Alternatively the reinsurer assumes a percentage of the entire portfolio of the cedant’s business in a selected line or all lines of business.
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REINSURANCE: The transfer of portfolio via a cession of reinsurance; the reinsurance of a runoff. Only policies in force (or losses outstanding) are reinsured, and no new or renewal business is included. Premium or loss portfolios, or both, may be reinsured. The term is sometimes applied to the reinsurance by one insurer of all business in force of another insurer retiring from an agency from a territory or from the insurance business entirely.

Portfolio return

UK: Ceding offices resume the insurance of a portfolio of business from the reinsurer to whom they had previously ceded it.
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REINSURANCE: If the reinsurer is relieved of liability (under a pro rata reinsurance) for losses happening after termination of the treaty or at a later date, the total unearned premium reserve on business left unreinsured (less ceding commissions thereon) is normally returned to the cedent. Also known as a return portfolio or return of unearned premium.
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REINSURANCE: Reassumption by a ceding company of a portfolio which has formerly been reinsured.

Portfolio run-off

UK: Continuing the reinsurance of a portfolio under a cancelled treaty until all premium is earned or all losses settled or both.
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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.
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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.

Portfolio runoff

A form of reinsurance under which the in-force business is reinsured to the subsequent anniversaries of the underlying policies, often accomplished by ceding the unearned premium reserve on such business.