Excess of Loss Reinsurance

A type of reinsurance whereby an insurer limits his loss for a specific risk (facultative) or class of risk (treaty), beyond and up to specific limits. The lower limit is called his retention. The premium payable is usually a percentage of the underlying premiums accepted by the insurer for the risk or class covered, but it may be a moving percentage (see "Burning Cost"). This form of reinsurance may be placed to cover any one loss or each and every loss in which case claims are made on the reinsurer for the aggregate of the amounts by which individual losses paid out exceed the retention. Due to the wide range of cover required, excess of loss reinsurance is usually arranged in layers.

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