24.1 In addition to traditional reinsurance, there are several other ways in which risks can be transferred or financed. This chapter is intended to provide an outline of some of the available products and mechanisms, together with an overview of the principal associated legal issues. In Chapter 37, we shall look at a different aspect of the transfer of reinsurance risk, namely the regulatory safeguards established in connection with the replacement by one reinsurer of another in circumstances where the new reinsurer assumes liability to one or more reinsureds for certain risks (or an entire portfolio of business) for which the other reinsurer was formerly responsible.