The lecture provides an overview on insurance companies’ risk management with a specific focus on reinsurance. Here, reinsurance will be derived as an option to mitigate insurance risks. In context of reinsurance, proportional and non-proportional types of reinsurance will be studied accordingly; some typical evaluation approaches, i.e. pricing approaches, will be analyzed for respective types of treaties. Finally, a brief overview on alternative risk transfer instruments such as insurance linked securities (ILS) will be presented.