Which entity writes the insurance risks in Lloyd’s, with underwriters determining the terms?

The correct answer is the syndicate. In Lloyd's of London, a syndicate is a group of investors or members who come together to pool their resources to underwrite insurance risks. Each syndicate operates under the supervision of a managing agent, who oversees the operations, marketing, and administrative aspects of the syndicate.

Underwriters, who may be part of the syndicate, evaluate the risks and set the terms of coverage, including premiums and policy conditions. This structure allows for a diverse range of risks to be tackled collectively, pooling capital to share in any losses or profits incurred.

While managing agents play a crucial role in the overall operation and management of the syndicate, they do not write the insurance risks themselves; they do facilitate the functions that allow the syndicate to operate effectively. Cover holders are authorized to enter into contracts of insurance on behalf of the syndicate but do not form the syndicate itself. Members' agents are responsible for representing the interests of individual members within a syndicate but do not have the underwriting authority.

Thus, the syndicate is the fundamental entity that writes the insurance risks, making it the correct choice.