UNDERWRITE

[verb] [T] [past simple] underwrote, [past participle] underwritten - (of a bank or other organization) to support (an event or other activity) by giving or promising money to those who are responsible for it and in so doing protect them against the possibility of failure or loss of moneyThe race-track owners have so far failed to find anyone who will underwrite the event.(specialized) If a company underwrites an insurance policy, someone's property, etc., they have an agreement to pay out money in cases of damage or loss.Insurance underwriting losses were heavy last year due to a number of natural disasters.