Whole account protection

2026, textbook case: an 80 million whole account protection in excess of 240 million of net loss, with a 10% co-participation, pays 45.9 million on a year that accumulates 291 million net, and the cedant keeps 5.1 million. Whole account protection is a cover of last resort. It responds on the whole of a cedant's net account, all lines and all causes combined, after every other treaty has operated. It triggers when net result, or aggregate net losses, exceed a threshold, which sets it apart from every treaty reasoning line by line or peril by peril. The problem it solves is cross-line accumulation, which the usual program architecture does not see. Each treaty does its job within its own scope, and nobody protects against the year in which three lines deteriorate at once without any of them breaching its own retention. It is the cover for the correlation scenario, precisely the one capital models struggle to quantify. It is rare and expensive, since the reinsurer takes on all of a cedant's underwriting drift at once. It almost always comes with substantial cedant participations and tight caps.