treaties which protect the reinsured against an accumulation, arising out of one event, of retained losses under different classes of business, such as a storm that may cause property, marine, aviation and motor losses.
A form of reinsurance protection normally arranged between insurance companies. The cedant insurer decides the amount that it is prepared to bear on each and every loss, and arranges reinsurance with other companies to relieve it of any liability in excess of that amount.