reinsurance
nounA renewed or second insurance.
nounA contract by which the first insurer relieves himself from the risks he had undertaken, and devolves them upon other insurers, called
Insurance a second time or again; renewed insurance.
nounA contract by which an insurer is insured wholly or in part against the risk he has incurred in insuring somebody else. See
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