Origin: Latin suffix -ance
Reinsurance has 2 different meanings across 1 category:
sharing the risk by insurance companies; part or all of the insurer's risk is assumed by other companies in return for part of the premium paid by the insured
"reinsurance enables a client to get coverage that would be too great for any one company to assume"
Insurance purchased by insurance companies that spreads the risk associated with selling insurance around so the danger of one large monetary loss is minimized.
"The major carrier bought reinsurance to ensure that a single catastrophic storm wouldn't wipe out their entire year's profits."