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Reinsurance basic guide RE ? IN ? SUR ? ANCE A Basic Guide to Facultative and Treaty Reinsurance CIntroduction What Is Reinsurance Functions of Reinsurance Providers of Reinsurance Regulation Reinsurance Concepts Facultative and Treaty Pro Rata and Excess

RE ? IN ? SUR ? ANCE A Basic Guide to Facultative and Treaty Reinsurance CIntroduction What Is Reinsurance Functions of Reinsurance Providers of Reinsurance Regulation Reinsurance Concepts Facultative and Treaty Pro Rata and Excess of Loss Applying the Basics Facultative Reinsurance Pro Rata Excess of Loss Facultative Casualty Reinsurance Facultative Property Reinsurance Facultative Programs Casualty and Property Applying the Basics Treaty Reinsurance Pro Rata Quota Share Surplus Share Excess of Loss Variations Glossary This publication is intended only as a reference tool for the insurance and reinsurance industry While the publication is designed to provide general information with regard to the subject matter covered it does not address all of the technical aspects of a de ?ned term or topic and does not constitute a legal consultation or legal opinion No decision should be made on the basis of the de ?nitions or the overview provided herein Instead readers should consult with legal counsel The de ?nitions or the overview contained herein are intended to apply only to property and casualty reinsurance II MUNICH RE Re ? in ? sur ? ance A Basic Guide To Facultative And Treaty Reinsurance CINTRODUCTION Munich Re stands for solution-based expertise consistent risk management ?nancial stability and client proximity Our clients trust us to develop solutions for the whole spectrum of reinsurance ?? from traditional reinsurance agreements to the management of complex specialty reinsurance risks Our U S operations is on a standalone basis one of the largest propertycasualty reinsurance companies in the United States Together with our a ?liates American Modern Insurance Group and Hartford Steam Boiler Group we deal with the issues that a ?ect society and work to devise cuttingedge solutions that render tomorrow ? s world insurable Our recipe for success we anticipate risks early on and deliver solutions tailored to clients ? needs creating opportunities to achieve sustained pro ?table growth This book is intended to be a brief and basic introduction to reinsurance concepts The numerical examples given are merely to illustrate the concepts discussed and are not intended to suggest any particular price or condition for any of the reinsurance described We have also included a comprehensive glossary of terms used to understand these concepts For additional information however the reader should consult more comprehensive reinsurance publications Keep in mind that developing a ?nancially sound reinsurance program must take into account the unique risks that an insurer faces Our professional specialists combine their expertise in applying the fundamental concepts found in this brochure with their extensive experience in designing reinsurance programs to address the unique needs of each client Please visit our website www munichreamerica com if you would like additional information about Munich Re MUNICH RE Re ? in ? sur ? ance A Basic Guide To Facultative And Treaty Reinsurance CWHAT IS REINSURANCE Reinsurance is a transaction whereby one insurance company the ??reinsurer ? agrees to indemnify another insurance company the ??reinsured ??cedent ? or ??primary ? company against all or part of the