reinsurance

noun

re·​in·​sur·​ance ˌrē-ən-ˈshu̇r-ən(t)s 

ˌrē-ən-ˈshər-,

 also  (ˌ)rē-ˈin-ˌshu̇r-,

(ˌ)rē-ˈin-ˌshə̇r-

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

Examples of reinsurance in a Sentence

Recent Examples on the Web

In an effort to stabilize the market, Lara is pushing for reforms that would allow insurers to factor in the costs of climate change and reinsurance when setting rates. —Bloomberg, The Mercury News, 29 Aug. 2024

Bradner said the review can also include an insurer’s cost for reinsurance, policies companies take out to cover their losses. —Kenneth R. Gosselin, Hartford Courant, 7 Aug. 2024

That included selling its health care business and reinsurance business and focusing on the areas where the firm would become market leaders, and preparing to go public, Frias explained. —Sheryl Estrada, Fortune, 19 July 2024

The largest deal in July was Sixth Street Partners’ agreement to take reinsurance company Enstar Group private for $5.1 billion. —Sheryl Estrada, Fortune, 14 Aug. 2024

Word History

First Known Use

1705, in the meaning defined above

Legal Definition

reinsurance

noun

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

: 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 sense 3