To pass on to another insurer (the reinsurer) all or part of the insurance written by an insurer (the ceding insurer) with the object of reducing the possible liability of the ceding insurer
relinquish possession or control over; "The squatters had to surrender the building after the police moved in"
If someone in a position of authority cedes land or power to someone else, they let them have the land or power, often as a result of military or political pressure. Only a short campaign took place in Puerto Rico, but after the war Spain ceded the island to America The General had promised to cede power by January. to give something such as an area of land or a right to a country or person, especially when you are forced to cede sth to sb (céder, from cedere )