Updates a specific reinsurance cession applied to the specified location.
A reinsurance cession is a contract or agreement between two insurers that involves the purchase of insurance by an insurance (ceding) company from another insurance (reinsurance) company for the purpose of spreading risk and reducing the loss from a catastrophe event. The reinsurer assumes part of the risk initially assumed by another insurance company. An insurance company buys reinsurance for its own protection. The risk of loss is spread so a disproportionately large loss under a single policy does not fall on one company.