In your question you say you want to "make" the selected item, which I assume means set it. This is how I have done it, but there might be other better ways.
You need to set the [attr.selected] in the option tag
<select class="form-control" name="Underwriter">
<option *ngFor="let underwriter of policyModel?.underwriterList" [ngValue]="underwriter.value" [attr.selected]="underwriter.text === underwriterTextString ? true: null">{{underwriter.text}}</option>
</select>
Then it your code you need to set underwriterTextString when the WebService API returns a result.
If underwriter.text does not work then try underwriter.value
However, in your comment below you now say that you want to "get" the selected item. This can be done by using the change event in the select tag
<select class="form-control" (change)="onChangeunderwriter($event)" name="Underwriter">
<option *ngFor="let underwriter of policyModel?.underwriterList" [ngValue]="underwriter.value" [attr.selected]="underwriter.text === underwriterTextString ? true: null">{{underwriter.text}}</option>
</select>
Then in your code your need something like this;
onChangeunderwriter(event) {
//the value will be set in event.target.value;
}