Final answer:
Underwriters at Lloyd's of London played a key role in offering insurance by accepting responsibility for insured losses.
Explanation:
Underwriters were the individuals who agreed to take responsibility for the insured losses in exchange for a premium. These underwriters were crucial in the early insurance sector, with Lloyd's of London being one of the first institutions to offer insurance through them. The concept of risk spreading was vital in managing insurance risks, and Lloyd's of London utilized syndicates to spread risks among insurers.
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