Which term describes an agreement where multiple insurers share a single risk?

The term that describes an agreement where multiple insurers share a single risk is syndication. In the context of insurance, syndication involves a group of insurers coming together to underwrite insurance policies collectively, thereby sharing the risk associated with a particular policy. This approach allows insurers to diversify their risk exposure and provide coverage that may be too large for a single insurer to handle alone.

Syndication is particularly relevant in the London Market, where complex and high-value risks may require the participation of multiple parties to ensure that the risk is adequately managed and financed. By working together, insurers can draw on their collective resources and expertise, leading to a more robust underwriting strategy.

Other terms mentioned in the question reflect different aspects of risk management or insurance arrangements. However, they do not specifically encompass the idea of multiple insurers jointly taking on the same risk in the way that syndication does.