[anongraddebt]

Insurers often issue reinsurance for/with each other.

Both insurers and general reinsurance firms will some times sell their risk to investors (in the capital markets) through vehicles such as Insurance Linked Securities. An ILS provides one form of risk transfer. There are others.

In both cases, if the risk is tied to say, catastrophe insurance, then this offers (investors) returns uncorrelated with the stock market.