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Reinsurance is typically defined as the process of buying insurance from other insurance companies, by any insurance company to mitigate or minimise the own risk. The process is generally used by insurance companies to share risk with others to limit their own loss in case if a risk is having a high probability of demanding compensation.
Facultative reinsurance as the name suggests offers protection against a risk or a block of risks to the primary insurer's book of business.
Gross Written Premiums is a term used in the insurance industry. It means the expected total revenue through an insurance contract that would be received by the insurer prior to the payments like reinsurance or commissions. Moreover, Gross Written Premium consists of premiums derived from the policy sales before any deductions.