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underwriting
In insurance, underwriting is to sign and accept liability and guaranteeing payment in case loss or damage occurs. Underwriting is provided by a large financial service provider such as a bank, insurer or investment house.
The name derives from the Lloyd's of London insurance market. Financial bankers, who would accept some of the risk on a given venture (historically a sea voyage with associated risks of shipwreck) in exchange for a premium, would literally write their names under the risk information that was written on a Lloyd's slip created for this purpose.〔("Underwriting: The Poetics of Insurance in America, 1722-1872" ) , by Eric Wertheimer, Stanford University Press, 2006〕
==Securities underwriting==
Securities underwriting refers to the process by which investment banks raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt capital). The services of an underwriter are typically used during a public offering.
This is a way of distributing a newly issued security, such as stocks or bonds, to investors. A syndicate of banks (the lead managers) underwrites the transaction, which means they have taken on the risk of distributing the securities. Should they not be able to find enough investors, they will have to hold some securities themselves. Underwriters make their income from the price difference (the "underwriting spread") between the price they pay the issuer and what they collect from investors or from broker-dealers who buy portions of the offering.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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