A policy where the original (principal) insurer determines the level of risk it should maintian on any one policy, while the principal insurer will ask to share the remaining risk with a third party insurer for a premium.
facultative reinsurance is taken for in dividual risks. if any risk is beyond direct insurers limit and does not fall under any treaty arrangements he made then the direct insurer approaches for the facultative support
Suman Karthik
Reinsurance ceded by an insurer or re-insurer as opposed to inwards reinsurance which is reinsurance accepted.
*Direct insurance company *Captive insurance company *Reinsurer However, there are no clear separation between buyers and sellers in reinsurance. Insurance company maybe a buyer (outward reinsurance) and a seller (inward reinsurance)
Reinsurance may be purchased by an insurance company for an individual risk, a specific class of risk, or an entire book of business. In any case, the insurance company that purchases the reinsurance is the Insured. The actual policy holder(s) are unaware of the reinsurance arrangement.
Majority of reinsurance is sold by Reinsurance companies. The biggest of these are Munich Re, Swiss Re, Gen Re, Hannover Re and so called London Market - however it cannot be considered as classic reinsurance company. In some cases insurers reinsure other insurance companies.
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faculative and nonobligatory
Reinsurance ceded by an insurer or re-insurer as opposed to inwards reinsurance which is reinsurance accepted.
Global Reinsurance was created in 1990.
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Reinsurance Group of America was created in 1973.
Reinsurance Group of America's population is 1,655.
The population of Reinsurance Group of America is 2,011.
*Direct insurance company *Captive insurance company *Reinsurer However, there are no clear separation between buyers and sellers in reinsurance. Insurance company maybe a buyer (outward reinsurance) and a seller (inward reinsurance)
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Reinsurance may be purchased by an insurance company for an individual risk, a specific class of risk, or an entire book of business. In any case, the insurance company that purchases the reinsurance is the Insured. The actual policy holder(s) are unaware of the reinsurance arrangement.
Ross Phifer has written: 'Reinsurance fundamentals' -- subject(s): Reinsurance
Facultative reinsurance is a form of reinsurance in which the terms, conditions, and reinsurance premium is individually negotiated between the insurer and the reinsurer. There is no obligation on the reinsurer to accept the risk or on the insurer to reinsure it if it is not considered necessary. The main differences between facultative reinsurance and coinsurance is that the policyholder has no indication that reinsurance has been arranged. In coinsurance, the coinsurers and the proportion of the risk they are covering are shown on the policy schedule. Also, coinsurance involves the splitting of the premium charged to the policyholder between the coinsurers, whereas the reinsurers charge entirely separate reinsurance premiums. Regards, Tamer Haddadin