Retrocession Agreement definition

Retrocession Agreement means any agreement, contract, treaty or other arrangement whereby one or more insurers or reinsurers, as retrocessionaires, assume liabilities of reinsurers under a Reinsurance Agreement or other retrocessionaires under another Retrocession Agreement.

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Retrocession Agreement means any agreement, contract, treaty or other arrangement (other than Surplus Relief Reinsurance) whereby any Insurance Subsidiary or any Subsidiary of such Insurance Subsidiary in the ordinary course of its business cedes reinsurance to other insurers (other than to another Insurance Subsidiary or any of its Subsidiaries).

Retrocession Agreement has the meaning set forth in the Recitals.

Examples of Retrocession Agreement in a sentence

• The Reinsurer also agrees that, to the extent reasonably practicable, it will consult with the Ceding Company in good faith prior to giving the Retrocessionaire notice that Reinsurer will elect to terminate the Retrocession Agreement due to the occurrence of a “Retrocession Recapture Event” (as defined under the Retrocession Agreement).

• For the avoidance of doubt, but without limiting the Retrocessionaire’s rights under the Retrocession Agreement, including the right to receipt of all payments due under the terms of the Retrocession Agreement, under no circumstances shall the Ceding Company be obligated to make or direct any payment to the Retrocessionaire to the extent the Ceding Company has already paid such amount to the Reinsurer.

• Without limiting the Ceding Company’s rights hereunder, including the right to receipt of all payments to which it is entitled under the terms of this Agreement, before making direct payments to the Ceding Company, the Retrocessionaire shall have the right to deduct from such payment any amounts due by the Reinsurer to the Retrocessionaire under the Retrocession Agreement.

• The Reinsurer shall promptly provide written notice to the Ceding Company (i) of the occurrence of any “Retrocession Recapture Event” (as defined under the Retrocession Agreement) of which the Reinsurer becomes aware and (ii) if it intends to terminate the Retrocession Agreement.

• Without limiting the Retrocessionaire’s rights under the Retrocession Agreement, including the right to receipt of all payments due under the terms of the Retrocession Agreement, before making or directing direct payment to the Retrocessionaire, the Ceding Company shall have the right to deduct from such payment any amounts due by the Reinsurer to the Ceding Company under this Agreement.

More Definitions of Retrocession Agreement

Retrocession Agreement means any agreement, treaty, certificate or other arrangement whereby any Insurance Subsidiary cedes to another insurer all or part of such Insurance Subsidiary's liability under a policy or policies of insurance reinsured by such Insurance Subsidiary.

Retrocession Agreement has the meaning assigned to that term in the Preliminary Statements.

Retrocession Agreement means any agreement, contract, treaty or other arrangement (other than Surplus Relief Reinsurance) whereby any Insurance Entity or any Subsidiary of such Insurance Entity cedes reinsurance to other insurers (other than to another Insurance Entity or any of its Subsidiaries).

Retrocession Agreement has the meaning given to such term in Clause 22.2 (Financial Definitions).

Retrocession Agreement means that certain Aggregate Stop‑Loss Retrocession Agreement, by and between AmTrust (or Affiliate thereof), National General (or Affiliate thereof) and ACP, to be entered into in connection with the Closing, as amended, restated, supplemented or otherwise modified from time to time.

Retrocession Agreement means the Retrocession Agreement to be entered into by MONY and AXA Equitable Life Insurance Company prior to the Closing, substantially in the form of Exhibit E hereto.

Retrocession Agreement means the Retrocession Agreement dated as of August 4, 2017 entered into between the Ceding Reinsurer and IBRD (as amended or otherwise modified from time to time), pursuant to which IBRD has agreed to make payments to the Ceding Reinsurer based on the occurrence of the Applicable Events. The Insured will enter into an Insurance Agreement (the “Insurance Agreement”) with the Insurer in order to obtain protection against the effects of Applicable Events, and (ii) the Insured will reinsure its risk under the Insurance Agreement pursuant to a Reinsurance Agreement (the “Reinsurance Agreement”) with the Ceding Reinsurer. The Insurer will retrocede its risk under the Reinsurance Agreement pursuant to the Retrocession Agreement.