Real Dictionary

cede
verb: If someone in a position of authority cedes land or power to someone else, they let them have the land or power, often as a result of military or political pressure.

cede in American English
to give up one's rights in; surrender formally
transitive verb: to yield or formally surrender to another

cede in British English
verb: to transfer, make over, or surrender (something, esp territory or legal rights)

cede in Insurance
verb: If a company or person cedes business, they reinsure their liability with another company or person, transferring the risk from an insurance company to a reinsurance company.