Reinsurance

Insurance a second time or again; renewed insurance.

A contract by which an insurer is insured wholly or in part against the risk he has incurred in insuring somebody else. See Reassurance.

sharing the risk by insurance companies; part or all of the insurer's risk is assumed by other companies in return for part of the premium paid by the insured; "reinsurance enables a client to get coverage that would be too great for any one company to assume"