Group of Reinsurers acting as a cooperative in offering Reinsurance and sharing among themselves, on specified terms, certain Reinsured business.

Language that describes the coverage agreed upon by the parties, i.e., what is covered and when. The key components are thee: The indemnity aspect of the agreement, the type of business covered, and the method of determining whether a loss falls within the scope of the agreement. Also known as Cover Clause, Business Reinsured Clause and Application of Agreement Clause.
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UK: The clause in a reinsurance contract that sets out the terms under which a claim can be made. It is the reinsurance equivalent of the operative clause.

The amount of a risk to be reinsured after deducting the amount the ceding company is keeping in its own account.

The contract clause that specifies the types, timing and frequency of reports that are due to the reinsurer and usually outlines the format and content of the reports. Stipulates when adjustments and balances (if any) are due to either party.

A clause stating how much a company placing reinsurance intends to retain.

A contract that covers past insurable losses/losses that have already occurred, such as a loss portfolio transfer.

The action of a reinsurer of reinsuring another reinsurer for its liability assumed under one or more reinsurance contracts with primary insurance companies or with other reinsurers. The reinsurer seeking protection may purchase a reinsurance contract or contracts that will indemnify it within certain parameters for certain described losses it may incur under that reinsurance contract or contracts. This action is described as transferring the risk or a part of the risk. The reinsurer seeking protection (the buyer) is called the retrocedent and the reinsurer providing the protection (the seller) is called the retrocessionaire.
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UK: to cede a risk assumed under a reinsurance contract.

A reinsurer who reinsures all or part of its assumed reinsurance with another reinsurer