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It is a financial management function of an insurance company. Typically insurance companies acquire reinsurance cover from a reinsurer against major catastrophic events like cyclones, hail storms and earthquakes that might cause damage to the assets and belongings of the clients it insures. Reinsurance is a “global spreading of risk” concept that entails insurance companies entering into international reinsurance agreements, called treaties, with reinsurers all over the world. A reinsurance managers' core responsibility is to ensure that the financial capabilities and wellness of an insurance company is not compromised with regards to the insurance risks it accepts from clients.

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