reinsurance
noun [ U ]
INSURANCE (also re-insurance) uk/ˌriːɪnˈʃɔːrəns/ usinsurance bought by an insurance company to protect itself against large demands from its customers:
The cost of reinsurance has risen dramatically.
buy/purchase/sell reinsurance It plans to buy about $335 million of reinsurance to protect against environmental and other liabilities.
a reinsurance business/broker/company
the reinsurance industry/market