Definition - What does Syndicate mean?
A syndicate is a set of people or organizations that form a group, either temporarily or permanently, for a business purpose. Those who take the initiative to found one usually do so because those involved face a project that is too large and complicated for one person or one organization to handle alone.
Insuranceopedia explains Syndicate
Insurance companies might form a syndicate, for example, when a company cannot rely on a single insurance firm to meet the insurance needs of its employees.
Usually, each member of the syndicate takes on a share of the financial risk, or a particular risk. The sharing of risks is not always equal and one syndicate member can take on more risks than another.
Temporary syndicates can be disbanded when a financial project they have undertaken is completed.