A procedure for retroceding individual life insurance risks in excess of a reinsurer’s own retention to a group of retrocessionaires (up to their subscribed limits) in rotation, the order being determined by their positions as spokes on an imaginary wheel.
The spokes need not be of the same length, i.e. limit, and a company may have more than one spoke. (A Ceding Company, as well as a reinsurer, may use this procedure.) Contrast with Pool.
See also Layering and Reinsurance Facility.