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In an insurance transaction, an intermediary is an entity which acts as a middle party between the party transferring the risk and the party ultimately taking on the risk.

An intermediary is usually necessary when the ultimate risk taker cannot operate in the required market. For example, reinsurers aren’t licenced to transact directly with pension plans, and hence a direct insurer is required to intermediate the transfer of longevity risk. The intermediary may retain some or none of the risks being transferred.

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