Insurance a second time or again; renewed insurance.
A contract by which an insurer is insured wholly or in part against the risk he has incurred in insuring somebody else. See Reassurance.
A transaction between two insurance companies in which one company - the ceding company - transfers some of its insurance risk to another company - the reinsurer. The reinsurer agrees to reimburse the ceding company for covered losses claimed under the policies that have been reinsured according to the terms of the reinsurance agreement. See also ceding company and reinsurer. TO TOP