Reinsurance
Insurance Policyholder Taxation Manual, published by HM Revenue & Customs on 19 March 2016, defines reinsurance as: ‘the insurance of the risks assumed by or potential losses of another insurer (the direct insurer) whereby the latter covers a proportion of the risks assumed or the eventuality of atypically large losses (see also retrocession).’
It defines retrocession as: 'the reinsurance of reinsurance business, providing cover for the business in excess of that which the reinsurer wishes to retain for its own account.'
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