Re-insurance


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RE-INSURANCE, mar. contr. An insurance made by a former insurer, his executors, administrators, or assigns, to protect himself and his estate from a risk to which they were liable by the first insurance.
     2. It differs from a double insurance (q.v.) in this, that in the latter cases, the insured makes two insurances on the same risk and the same interest.
     3. The insurer on a re-insurance is answerable only to the party whom he has insured, and not to the original insured, who can have no remedy against him in case of loss, even though the original insurer become insolvent, because there is no privity of contract between them and the original insured. 3 Kent, Com. 227; Park. on Ins. c. 15, p. 276; Marsh. Ins. B. 1, c. 4, s. 4

References in periodicals archive ?
Samson Muwanguzi, chairman of the Uganda Re-insurance (Uganda Re), said that the company was looking to raise its paid-up share capital to about USD3.
He noted that the Egyptian Insurance Federation, in cooperation with the Egyptian Financial Supervisory Authority and the Insurance Holding Company, undertook several steps to encourage establishing new re-insurance companies in the Egyptian market with a paid capital of $250m.
MultaQa Qatar to attract representatives of top global insurance and re-insurance firms to QatarThe Qatar Financial Centre Authority is to host the third MultaQa Qatar conference on 14th -16th March at the Sharq Village and Spa in Doha.
Philip Roeper, CIO & Senior Vice President, American Re-Insurance Co.
Edward Jobe (age 74) spent 15 years in underwriting and marketing positions in the primary insurance industry before joining American Re-Insurance Company in 1963 as a Facultative Underwriter.
Prior to this appointment, for five years Couch was the chief medical officer of the American Re-insurance Company, the American division of Munich Re, the world's largest catastrophic insurer.
The $175/year monthly covers developments in insurance law, including "latest issues, trends and cases," summaries of relevant legal developments from all jurisdictions, information on claims management, commentary on recent market developments, progress reports on major asbestos bankruptcies and emerging re-insurance issues and the London Market, and identification of policy-holders in corporate successions.
It also includes information on claims management, commentary on recent market developments, progress reports on major asbestos bankruptcies, emerging re-insurance issues and the London Market, and identification of policyholders in corporate successions.
Commodities occupy a difficult niche within the marine market, and underwriters are often required to refer back to the home office for support and/or re-insurance.
Directors said they and their advisers were still investigating how much money should be set aside for 'technical provisions' as well as problems connected with re-insurance contracts reported last week.
The suit, filed in Los Angeles Superior Court, alleges American Re-Insurance Co.
Insurers purchase catastrophe re-insurance against natural disasters (such as hurricane, earthquake, freezing weather conditions, and the like) to offset losses triggered by such events on the policies they write.