Part or all of the insurer's risk is assumed by other companies in return for part of the premium paid by the insured

• Sharing the risk by insurance companies

Wikipedia Word definitions in Wikipedia
Reinsurance is insurance that is purchased by an insurance company (the "ceding company" or "cedent" or "cedant" under the arrangement) from one or more other insurance companies (the "reinsurer") directly or through a broker as a means of risk management ...

Wiktionary Word definitions in Wiktionary
n. (context business finance English) insurance purchased by insurance company that spreads the risk associated with selling insurance around so the danger of one large monetary loss is minimized.

WordNet Word definitions in WordNet
n. sharing the risk by insurance companies; part or all of the insurer's risk is assumed by other companies in return for part of the premium paid by the insured; "reinsurance enables a client to get coverage that would be too great for any one company ...

The Collaborative International Dictionary Word definitions in The Collaborative International Dictionary
Reinsurance \Re`in*sur"ance\ (-sh?r"ans), n. 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 .