reinsurance

noun re·in·sur·ance \ ˌrē-ən-ˈshu̇r-ən(t)s , ˌrē-ən-ˈshər- also (ˌ)rē-ˈin-ˌshu̇r- , (ˌ)rē-ˈin-ˌshə̇r- \

|Updated on: 24 Jul 2018

Definition of reinsurance

: insurance by another insurer of all or a part of a risk previously assumed by an insurance company

Recent Examples of reinsurance from the Web

In Minnesota, which created a reinsurance program to help pay for customers’ expensive medical conditions, carriers are actually seeking lower premiums.

— reed abelson, New York Times, "Obamacare Is Proving Hard to Kill," 3 July 2018
The Maryland General Assembly just passed legislation calling for a reinsurance program.

— amy goldstein, Washington Post, "States act on their own to fill holes Washington is knocking in Affordable Care Act," 1 July 2018
Those two insurance companies, in turn, buy reinsurance from Mariner's offshore affiliate, called MFI Insurance.

— peter whoriskey, courant.com, "Unsolicited checks can be a lifeline and an albatross," 2 July 2018
The increase is a turnaround from the previous six years of reinsurance rate decreases.

— ron hurtibise, Sun-Sentinel.com, "Finally, a bit of good news about insurance rates: 'Once in a while, Florida gets lucky'," 4 June 2018
Berkshire’s insurance unit, which includes Geico and several large reinsurance firms, reported a $407 million underwriting profit, compared to a $267 million loss a year ago.

— josh funk, BostonGlobe.com, "Warren Buffett’s Berkshire Hathaway reports a $1.1 billion loss on paper," 5 May 2018
Argo Group, which has its U.S. headquarters in San Antonio, is an international underwriter of specialty insurance and reinsurance products in areas of the property and casualty market.

— patrick danner, San Antonio Express-News, "Argo Group’s earnings tumble 32% in 1Q," 4 May 2018
Those who make the decisions on underwriting — who decide on reinsurance — are the managing agents.

— mimi whitefield, miamiherald, "Lloyd’s of London’s busy year in the Americas | Miami Herald," 2 Apr. 2018
With a reinsurance program, rates could be reduced by as much as 30 percent.

— andrea k. mcdaniels, baltimoresun.com, "Maryland program to stabilize Obamacare hits snag over dispute about payments to insurers," 18 May 2018

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'reinsurance.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

First Known Use of reinsurance

1705

in the meaning defined above

See Words from the same year

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Law Dictionary

reinsurance

noun re·in·sur·ance \ ˌrē-ən-ˈshu̇r-əns, -ˈin-ˌshu̇r- \

legal Definition of reinsurance

: insurance or indemnification by a second insurer of all or part of a risk assumed by another insurer as contracted for by the first insurer — see also cede — compare direct insurance, retrocession 3