A The direct insured and the reinsurer
B The retrocedant and the retrocessionaire
C The cedant and the reinsurer
D The reinsured and the reinsurer
5B: When a reinsurance company reinsures an original risk, or part thereof, which they have accepted from a direct insurer -- they become known as the retrocedant in what is known as a contract of retrocession. The reinsurer who accepts the risk is called the retrocessionaire.