Participants will act as insurers and reinsurers based in a fictitious country which is exposed to a range of potential losses, including catastrophes. Participants will experience the reinsurance process from the point of view of both cedants and reinsurers. The participants work in small teams, with some teams operating as cedants and some teams operating as reinsurers. The cedant teams will their design reinsurance programmes and then negotiate with the reinsurer teams to place their programmes in a simulated reinsurance market place. This process is typically repeated over three simulated years, providing the cedant and reinsurer teams with the opportunity to build and manage relationships. The simulation is usually run over three days, with each day representing a simulated year of business. The objectives of both the cedant and reinsurer teams are to achieve profitable, solvent growth, with high levels of customer satisfaction.