Market Participants
Reinsurer
Definition
Company that accepts insurance risk transferred from cedents. Provides capacity and risk diversification to the insurance market.
Practical Example
Munich Re, Swiss Re, and Hannover Re are major global reinsurers.
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Related Terms
Market Participants
Cedent
The insurance company that transfers (cedes) risk to a reinsurer. Also called the ceding company or reinsured. Primary insurers are cedents to reinsurers.
Reinsurance Types
Retrocession
Reinsurance purchased by a reinsurer to protect their own portfolio. The reinsurer becomes the cedent, transferring risk to another reinsurer (the retrocessionaire).