ERM Glossary: Reinsurance

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This is a form of risk transfer arrangement in which one party (the reinsurance company, i.e. reinsurer), generally in consideration for a premium, agrees to indemnify another party (the cedant, generally another insurance company) against part or all of the a liability assumed by the cedant under one or more insurance or reinsurance policies. Reinsurance obtained by a reinsurer is also known as retrocession.


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