A form of reinsurance using offer and acceptance of individual risks, in which under a contract of reinsurance, the reinsurer retains the faculty to accept or reject each risk offered by the ceding company. Each exposure that the ceding company wishes to reinsure is offered to the reinsurer as a single transaction. The reinsurer underwrites every loss exposure individually upon its submission from a ceding company. The reinsurer is not obligated to accept any or each submission. Each transaction is individually negotiated with respect to terms, conditions, and pricing.