Global Specialty also includes reinsurance products offered through Liberty Mutual Reinsurance. The company issuing the reinsurance policy is referred simply as the "reinsurer". Both companies engaged in financial guaranty insurance and reinsurance. The main insurance activities cover Life Insurance, General insurance, Reinsurance and Captive Insurance. Catastrophe bonds are typically used by insurers as an alternative to traditional catastrophe reinsurance. Axa XL is a subsidiary of global insurance and reinsurance company Axa. It is engaged in general insurance, reinsurance, insurance claims management and investment management. Bermuda's largest economic sectors are offshore insurance, reinsurance, and tourism. Beazley underwrites a diverse book of insurance and reinsurance business for clients worldwide. Markel Corporation is a holding company for insurance, reinsurance, and investment operations around the world. They sell Parametric insurance and reinsurance products. Almost all insurance companies have a reinsurance program. In per risk, the cedant's insurance policy limits are greater than the reinsurance retention. ACE provides insurance and reinsurance products and services through several operating units. This is usually one of the objectives of reinsurance arrangements for the insurance companies.