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Reinsurance is insurance for insurance companies, allowing them to protect themselves from the risk of significant losses by transferring part of that risk to a reinsurer.

A ceding company is an insurance company that transfers risk to a reinsurer through a reinsurance agreement.

A reinsurer is a company that accepts the risks transferred from the insurance company, providing the reinsurance coverage.

Facultative reinsurance is a contract between the ceding company and reinsurer for individual or specific risks, negotiated separately for each policy.

Treaty reinsurance is a type of reinsurance in which the ceding company and reinsurer negotiate a contract that automatically applies to all risks falling under certain categories.

Proportional reinsurance, also known as participative reinsurance, is where risks are shared between insurance company and reinsurer, including premiums and losses, according to an agreed percentage.

Non-proportional reinsurance only provides coverage when losses exceed a predetermined threshold, protecting insurers from high-severity events.

This form of non-proportional reinsurance covers claims above a set retention limit until the coverage cap is reached, useful for catastrophic events.

Retrocession is the act of a reinsurer ceding parts of risk it has assumed to another reinsurer, to reduce its own exposure.