Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Reinsurance definition

What does Reinsurance mean? Reinsurance is the transfer by an insurer (the cedant) of part of its insurance risk to another insurer (the reinsurer) under a separate contract, to manage exposure, protect capital and satisfy prudential requirements. While regulatory definitions exist (for example under Solvency II and UK financial services legislation), the term is chiefly a contractual and market expression developed through practice and case law. Key structures include: - Proportional reinsurance (such as quota share or surplus), where premiums, losses and expenses are shared at an agreed percentage. - Non‑proportional reinsurance (such as excess of loss or stop loss), which responds once the cedant’s retention/attachment point...

UK Insurance and Reinsurance for New Starters: Coverage, Claims, Litigation, Arbitration, Corporate and Regulatory Essentials

Published by a LexisNexis Insurance & Reinsurance expert

Practice notes

This starter guide offers an introductory primer on insurance and reinsurance. It is intended for junior lawyers and individuals who are new to insurance and reinsurance as a practice area. The guide highlights key issues and points to additional resources and materials that provide more comprehensive information on the topics covered.

What is insurance law?

Insurance law can be divided into three strands:

insurance contract law, which governs the contractual relationship between insureds and insurers
the law of intermediaries, which regulates insurance business conducted through agents (this is true for most insurance business)
insurance regulation and company law, which is concerned with the financial soundness, probity and regulation of insurance companies

For further detail, see Practice Note: general principles of insurance contract law. Insurance policies are, at heart, contracts and the usual principles of contractual construction apply.

For more guidance on the nature of insurance contracts, see: Insurance contracts—overview and Practice Notes:

Identifying contracts of insurance in English law—an introduction
What is a contract of insurance?
Identifying a contract of insurance—flowchart
Insurable interest
Insurance premium

However, interpretation of insurance policies should be informed by the usual principles of contractual construction that generally apply to contracts...

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Web page updated on 27/05/2026

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