reinsurance

noun

1. (countable, uncountable)Insurance purchased by insurance companies that spreads the risk associated with selling insurance around so the danger of one large monetary loss is minimized. Such insurance and catastrophe bonds are backstops to insurer insolvency from unexpectedly large losses.

   “Catastrophe modeling firm AIR Worldwide (AIR) today announced that Sompo International, a global specialty provider of property and casualty insurance and reinsurance, is leveraging AIR's casualty analytics platform, Arium, to better understand and quantify its liability and loss potential across multiple commercial liability lines of business.”