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Termsort icon Definition Randy Comment

The total amount of excess of loss reinsurance protection which a company purchases to protect a given set of exposures is not always written in one contract. Instead, the total amount is split into pieces or layers and separate contracts are written which fit on top of each other and have similar or identical terms but separate limits which sum to the total amount purchased. Each of the separate contracts in the series is called a layer.  Reinsurance programs are often layered in order to attract the most amount of reinsurance capacity available, at the best terms and rate.

Lead Reinsurer (Lead Underwriter)

The individual (or organization) with a major role in negotiating the terms and conditions of a reinsurance cover and whose reputation and expertise are such that other reinsurers will agree to follow the terms and conditions quoted by the lead without further negotiation.   In Lloyds of London, the Lead Reinsurer also has specific responsibilities concerning contract review and claim review.