Loss Portfolio Transfer

The liability for outstanding losses is transferred to the reinsurers for the next annual period. The new reinsurers make use of this transfer to pay outstanding losses as they fall due for settlement. (1) The transfer of the portfolio of one direct insurer to another. (2) A term used in treaty reinsurance. The reinsurer undertakes to accept the whole portfolio of an existing reinsurance from a specified date. He accepts not only the premium due on risks attaching from the date in respect of premiums paid to the previous reinsurer. He is, of course, also entitled to recoveries paid after the inception date of the treaty even though these may be in respect of claims paid by the previous reinsurer, but is equally liable for return of premium payable after the treaty inception date even though the premium was originally paid to the previous reinsurer. (3) The term can also be used in connection with long-term premiums when a risk spans more than one period of account and part of the premium is carried forward to subsequent years of account. (4) The consideration payable by the insured for a contract of insurance.

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