Which insurance market uses the term “syndicate” for groups of members that accept risks?

Lloyd’s of London is the insurance market that uses syndicates for groups of members accepting risks.

Lloyd’s is not a single insurance company. It is a marketplace where underwriting syndicates provide capacity for insurance and reinsurance. Each syndicate is managed by a managing agent and supported financially by members, who are sometimes called Names.

The market developed from Edward Lloyd’s coffee house in London, which became a meeting place for maritime information and insurance business in the late seventeenth century. Its modern structure evolved over many later reforms.

Syndicates can specialize in areas such as marine, aviation, property catastrophe, energy, or liability risks. A broker typically brings a risk to the market, and one or more syndicates may participate. This structure differs from a conventional insurer, which writes business directly through one corporate balance sheet.