reinsurance

noun | \ ˌrē-ən-ˈshu̇r-əns, -ˈin-ˌshu̇r- \ | re·in·sur·ance

1. : insurance or indemnification by a second insurer of all or part of a risk assumed by another insurer as contracted for by the first insurer — see also cede — compare direct insurance, retrocession 3