Brunelda is a newly established healthcare insurance company based in Cape Town, South Africa. The company focuses on providing innovative and accessible healthcare insurance solutions to individuals and businesses across the country. With a commitment to affordability, customer centricity and quality healthcare provision, Brunelda aims to address gaps in the market and to enhance healthcare access for all South Africans. Brunelda is concerned about the potential financial impact of a catastrophic event such as a major pandemic. Which reinsurance arrangement would provide the most effective protection against high-severity, low-frequency events?