Reinsurance Brokers Flashcards
1
Q
The purpose of reinsurance is?
A
to smooth peaks and troughs in claims experience, to protect the portfolio of risks being insured, to provide improved customer service and to provide support for insurers entering new areas of business
2
Q
Three types of reinsurers?
A
Specialist reinsurance companies who do not transact original (direct) insurance business; Lloyd’s syndicates and insurance companies that also act as reinsurers
3
Q
Reinsurance process?
A
Client – Insurer – Reinsurer – Retrocessionaire
