title = "Surplus Treaties"

content = """
A surplus treaty cedes amounts above the cedent's retention on each risk. The retention is expressed in units (e.g., one line equals $100,000). The treaty may provide multiple lines (e.g., nine lines) of capacity.

**Variable Cession:** Cession depends on policy limits. A policy with limit of five lines retains one and cedes four. A policy with limit of one line retains fully with no cession.

**Capacity and Flexibility:** Surplus treaties provide flexible capacity that scales with larger risks. The cedent retains more of smaller policies, retaining a greater share of premium and small losses.

**Administration:** Each risk must be evaluated against the retention. Bordereaux list policy limits, retentions, and ceded amounts. Administration is more complex than quota share.
"""  # noqa: E501

version = "0.0.1"
