[C033]

catastrophe reinsurance

1) In reinsurance, a form of excess of loss reinsurance which, subject to specified limits, indemnifies the ceding company for the amount of loss in excess of a specified retention, with respect to an accumulation of losses resulting from a catastrophic event or series of events.

2) In primary insurance, an amount of coverage on a single risk or group of risks in excess of self-retention or other primary insurance.

(See catastrophe (excess) cover.)