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Managing Risk in ReinsuranceFrom City Fires to Global Warming$
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Niels Viggo Haueter and Geoffrey Jones

Print publication date: 2016

Print ISBN-13: 9780198754916

Published to Oxford Scholarship Online: December 2016

DOI: 10.1093/acprof:oso/9780198754916.001.0001

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The Evolution of the Industry Structure

The Evolution of the Industry Structure

Chapter:
(p.70) Chapter 3 The Evolution of the Industry Structure
Source:
Managing Risk in Reinsurance
Author(s):

Robin Pearson

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198754916.003.0003

Chapter 3 provides a historical overview of the reinsurance market and business development since its earliest days. It covers not only dedicated reinsurers but also other market participants, such as brokers and first insurers’ risk sharing through co-insurance. Between 1860 and the Second World War, reinsurance is shown to have grown from being an infant service to large multinational insurance companies, into adulthood as a specialist industry in its own right. This period, also called the ‘golden age’ of reinsurance, witnessed the formation of modern reinsurance practice and the development by the professional reinsurance companies of a global network of treaty partnerships with cedent companies. A final section outlines major trends since 1945.

Keywords:   brokers, co-insurance, business development, risk sharing, multinational, modern reinsurance, global network, treaty

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