Meaning of the word retrocession in English
What does retrocession mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.
retrocession
US /ˌrɛtroʊˈsɛʃən/
UK /ˌrɛtrəʊˈsɛʃən/
Noun
1.
the act of ceding back or returning something, especially territory or rights, to a former owner or sovereign
Example:
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The retrocession of the territory was a key point in the peace treaty.
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The agreement included the retrocession of certain fishing rights.
2.
the act of reinsuring a part of a risk that has already been ceded to a reinsurer
Example:
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The insurance company managed its exposure through a complex system of reinsurance and retrocession.
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The reinsurer sought retrocession to further diversify its risk portfolio.