What if the border between insurance and reinsurance gradually cracks? In search of diversification, insurers come to compete with reinsurers on their own ground. The best way to do this: buy out a mid-size reinsurer. But with the consolidation at work in this market, the targets are becoming rarer… As risk experts, reinsurers are repositioning themselves further down the value chain and developing direct insurance. However, there is no question of being perceived as competitors by their ceding companies. The reinsurer acts as a partner for product design, etc., but also for co-insuring certain risks.