Risks designated in reinsurance treaties or contracts by the reinsurer that are specifically excluded (e.g., high valued bridges, tunnels, fine arts collections), because they normally are of such size and capacity demand as to require individual acceptance, lest "blind" cessions under automatic reinsurance overline the reinsurer.

The combination of loss incurred to earned premiums ratio and incurred expense to written premiums ratio. Also known as Combined Ratio and Operating Ratio.

A reinsurance agreement between the ceding company and the reinsurer, usually for one year or longer, which stipulates the technical particulars applicable to the reinsurance of some class or classes of business. Reinsurance treaties may be divided into two broad classifications: a) the participating type which provides for sharing of risks between the ceding company and the reinsurer; and b) the excess type which provides for indemnity by the reinsurer only for loss which exceeds some specified predetermined amount. [For different forms, see Quota Share, Excess of Loss, First Surplus, Second Surplus, Spread Loss, Stop Loss, Catastrophe]