A primary insurer cedes to reinsurance, on a proportional basis, risks on which the liability exceeds 60 million. Its proportional reinsurance amounts to a maximum of 840 million. The primary insurer is prepared to pay all losses on any one risk up to 6 million itself and contacts the reinsurer for the following XL/R and XL/E covers. XL/R: 55 xs5 million and XL/E : 52.557.5 million. Assume that risks 1, 2,3, and 4 are caused by the same event and that the XL/R and XL/E coverage has been purchased. Explain in no more than one sentence how the outlined reinsurance protection works for losses... a) ...above 60 million per risk (1 point) b) ...below 60 million per risk (1 point) c) Calculate the proportional reinsurance cover for risks 1, 2, 3, and 4. Show all your calculation steps, since otherwise your results will not be marked (=zero points)! Round your final answer to two decimal places and record it in the table above. ( 2 points) Calculation Risk 1: Calculation Risk 2: Calculation Risk 3: Calculation Risk 4: d) Calculate the net loss for the insurer after reinsurance. Show all your calculation steps, since otherwise your results will not be marked (=zero points)! Round your final answer to two decimal places. (4 points)