reinsured
Backed the backer
Reinsured describes risk that has been transferred from one insurance company to another.
Insurers reinsure portions of their policies to spread risk and protect against catastrophic losses.
A reinsured policy has this backup layer: The hurricane claims were reinsured through Lloyd's of London.
The practice allows insurers to take on more business than they could safely cover alone.
Binding pact between nations
- facultativeCapable but not obligated
- cessionFormal transfer of territory
- retrocessionReturn of ceded territory
- policyAdopted principle of action
coverage · premium · indemnity · surplus · limit · retention · slip · placement
Wealth used for investment
- solvencyCapacity to pay debts
- reservesResources held back
- balance sheetAssets-liabilities-equity report
- capacityMaximum amount containable
leverage · protection · security · collateral · trust · commutation · settlement · claims
Devastating, large-scale misfortune
- exposureState of being unprotected
- liabilityLegal or financial obligation
- lossBeing without something
- portfolioCollected works or assets
aggregate · accumulation · peril · hazard · natural disaster · earthquake · hurricane · flood
London insurance market
- BermudaNorth Atlantic island group
- syndicateCombined group pursuing shared interest
- brokerTransaction intermediary for hire
- intermediaryAgent linking two parties
capacity · pricing · soft market · renewal · negotiation · submission · quote · placement
treaty
Binding pact between nations
- facultativeCapable but not obligated
- cessionFormal transfer of territory
- retrocessionReturn of ceded territory
policy · coverage · premium · indemnity · surplus · limit · retention · slip · placement · binding
capital
Wealth used for investment
- solvencyCapacity to pay debts
- reservesResources held back
- balance sheetAssets-liabilities-equity report
capacity · leverage · protection · security · collateral · trust · commutation · settlement · claims · recoverable
catastrophe
Devastating, large-scale misfortune
portfolio · aggregate · accumulation · peril · hazard · natural disaster · earthquake · hurricane · flood · wildfire
Lloyd's
London insurance market
- BermudaNorth Atlantic island group
- syndicateCombined group pursuing shared interest
- brokerTransaction intermediary for hire
intermediary · capacity · pricing · soft market · renewal · negotiation · submission · quote · placement · program
reinsureduninsured
Lacking protective coverage
self-insured · retained · uncovered · unprotected · unhedged