Business, Legal & Accounting Glossary
An agreement by which one insurer indemnifies another insurer in part, or in total, for the risks of a policy issued by that other insurer.
Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself from risk in the event of a major claim.
When a reinsurer purchases reinsurance, it’s call retrocession.
Insurers can protect themselves against potential unforeseen catastrophes through reinsurance.
They are accurately measure the economic benefits related to the reinsurance contract.
BDO Stoy Hayward is about to acquire a new subsidiary, Zurich Reinsurance Centre.
The company is currently in dispute with Eagle Star over £1.6 million worth of reinsurance claims.
These new results are of important significance to the steady operation of reinsurance companies.
The current regulations are to apply to all reinsurance contracts issued and held by insurers.
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This glossary post was last updated: 6th January, 2020 | 3 Views.