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 ?
Earlier, he organized and managed National Co-Insurance Scheme of Pakistan Insurance companies to insurance Government Properties and War risks insurance Schemes and was also associated with RCD Re-insurance pools.
Surprisingly Willis, Singapore chose to route the re-insurance premium through Almondz Brokers in India.
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.
The forum will spotlight the current problematic issues reigning in the global insurance and reinsurance market", Khaleej Takaful Insurance and Re-Insurance Company chairman Shaikh Abdulla bin Mohammed Jabr Al Thani said, describing the forum as an opportunity to promote dialogue, cement relations with members and boost effective exchange between insurance firms.
We are pleased to enter into this agreement with Hannover Retakaful, a highly regarded A rated re-insurance company,' said t'azur chairman Dr Shaikh Abdulaziz bin Naif Al Orayer.
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.
QBE, Australia's largest provider of re-insurance services, recently purchased a number of re-insurance firms, and had a rapid need to relocate employees from these locations to their currently acquired space.
Philip Roeper, CIO & Senior Vice President, American Re-Insurance Co.
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.