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A business summary describes an insurance company:
"... it provides insurance products that cover war and political risks that include
kidnap and ransom, political risks, political violence and terrorism,
product recall, and trade credit. Further, the company offers property and casualty,
and bespoke reinsurance products..."
What is bespoke insurance/reinsurance? My searches including a visit to wikipedia have been futile.
The word bespoke means made to order. Bespoke insurance means non-cookie cutter. That mean the thing your are trying to protect, or the risk to that item is not normally covered; so you need a non-standard type of policy.
Your neighborhood insurance company doesn't handle a bespoke policy. There are companies that do.
Reinsurance is insurance on insurance. Company X has a risk they want to insure, so they go to insurance company A. After a while insurance company A realizes that they have sold a few of these policies and they have a risk if they guessed wrong. So they take out a policy with insurance company B to protect themselves if more than some percentage of their policies go bad. That policy takes bespoke reinsurance.
