cession
noun[CorU]
uk/ˈseʃən/usLAW
anoccasionwhen onepersonorcountryofficiallygiveslandorpropertyto another, or theactofofficiallygivinglandorpropertyaway
INSURANCE
theactofpassingriskfrom aninsurancecompanytoitsreinsurer(= acompanythatinsuresaninsurancecompanytoprotectit againstlargedemandsfromitscustomers):
Reinsurance cessionsreduceclaimsandclaimexpenses.