Which of the following is a syndicate established by a group of insurers to share underwriting duties?

A syndicate is a group of insurance companies that come together to pool resources, share risk, and collaborate on underwriting duties for various insurance policies. The Lloyd's organization exemplifies this structure, as it operates as a marketplace where multiple insurers can participate in underwriting risks collectively. Each member of the syndicate, or "underwriter," takes on a portion of the risk for a specific insurance policy, allowing for greater underwriting capacity and diversification of risk.

Lloyd's is well-known for its unique approach to insurance, where many separate entities, including individuals and companies, can come together to form syndicates that can underwrite specific types of business, especially in areas where substantial financial backing is needed, such as marine and aviation insurance. This type of organization allows for a more spread-out risk management process and provides policyholders with more options and competitive pricing.

In contrast, a reinsurer primarily provides insurance to insurance companies, helping them manage their risk exposure, and is not itself a syndicate established for shared underwriting. The NAIC, or National Association of Insurance Commissioners, is an organization that sets standards and regulations for the insurance industry across the United States, but it does not engage in underwriting. Multi-line insurers are companies that provide various types of insurance under one