captive reinsurer

43a pure reinsurer owned by:

1. (a) a financial undertaking other than an insurance undertaking or a reinsurance undertaking; or
2. (b) a group of insurance undertakings or reinsurance undertakings to which the Insurance Groups Directive applies; or
3. (c) a non-financial undertaking,

the purpose of which is to provide reinsurance cover exclusively for the risks of the undertaking or undertakings to which it belongs or of an undertaking or undertakings of the group of which that pure reinsurer is a member.