noun.
A contract by which the first insurer relieves himself from the risks he had undertaken, and devolves them upon other insurers, called reinsurers. Also called reassurance.
the GNU version of the Collaborative International Dictionary of English
noun.
Insurance a second time or again; renewed insurance.
noun.
A contract by which an insurer is insured wholly or in part against the risk he has incurred in insuring somebody else. See Reassurance.
noun.Insurance purchased by insurance companies that spreads the risk associated with selling insurance around so the danger of one large monetaryloss is minimized.
WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.
noun.
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
Word Usage
"Indeed, I do not know that such reinsurance is not already available in private markets and just needs to be prodded a bit."