reinsure

verb

to mitigate risks to an insurancy company by buying secondary insurance upon policies

Wiktionary

verb

Etymology: Etymology tree Proto-Italic *wre- Latin re-der. Old French re-bor. Middle English re- English re- English insure English reinsure From re- + insure.

To insure again (extending or replacing prior insurance).
To place insurance on the contract that insures something (allowing the insurer to offset risk in the same way the insuree did).