retrocession
- Describes the act of giving back ownership of a property to its previous or rightful owner
- The action of returning a particular right or authority that was previously given or granted
- Refers to the method in insurance where the reinsurer shares the risk taken in an insurance agreement with another insurance firm
- The quantity that is transferred or allocated in the process of redistributing risk in an insurance agreement
- After the court case, a retrocession of the ownership rights to the property was carried out.
- Upon receiving sufficient evidence, the retrocession of jurisdiction was initiated immediately.
- The reassigned policy started with a retrocession from the original reinsurer to another insurance company.
- Due to the high risks involved, a significant retrocession was made to another insurance company.
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