in the insurance industry generally, a form of proportional reinsurance indemnifying the ceding company against a fixed percentage of each risk; in Lloyd’s, a contract under which a member makes arrangements for another person to take over their rights or liabilities from syndicate participations, usually as a means to exit the market.

Basic form of proportional reinsurance. Allocates risk, losses and loss adjustment expenses between the cedant and the reinsurer on a fixed percentage basis defined in terms of the policy limit and subject to an allowance for the cedant’s expenses. QSRs boost the cedant’s capacity and reduce the volatility of earnings.

A slip upon which a Lloyd’s underwriter presents terms for consideration by the oposer without either party being committed to a transaction.