Behind the line with Property Binding Authorities
Hiscox’s Property Binding Authorities team works with third parties such as coverholders and brokers to insure a wide range of commercial and residential property. Here, the team shares their priorities for the rest of the year, talk about the skills needed for the role of an underwriter in this class of business, the appeal of the role, as well as looking at the key market trends in this space. They also put their heads above the parapet and make their predictions for the winners of this year’s men’s FIFA World Cup.
Joseph Pennyfather – Line Underwriter
As the Property Binding Authorities Line Underwriter, what are your key priorities for the team in 2026?
The key priorities for the team this year include managing the insurance cycle effectively. Trading in this environment requires a slightly different skill set in comparison to recent years. We’ll restructure deals where it makes sense, say ‘no’ where we have to but find ways to say ‘yes’ when we can to support our partners and clients. Real insurer value is proven in the softer years of the market cycle. That means making hard decisions, doubling down on our core appetite and not moving too far outside of the risk curve.
2026 is about leaning into our product adjacencies by using the power of the Hiscox brand and our years of experience. By utilising a 'One Hiscox' approach we can channel our entrepreneurial spirit, identify pockets of opportunities and design products that provide solutions for our clients in this volatile and evolving world.
It’s important that we remain at the forefront of technological change in the industry, particularly as AI is now driving efficiency gains. For underwriters, that means quoting and converting more risks that are in our appetite and arming our underwriters with an extra pair of (digital) hands. We live in unprecedented times but the one question we must always keep asking is whether tomorrow is more digital than today? The answer is ‘yes’ and we need to keep up with the pace of change, while maintaining our human touch.
The year ahead will bring challenges but we are well placed to offer the support and expertise that individuals and business owners need. I am very excited for the year ahead and the further growth of our distribution footprint.
Tabitha Wyatt – Senior Underwriter
What three words would you use to describe being a Property Binding Authorities underwriter, and why?
Curious: the more knowledge you have then the better you can serve the needs of your clients and partners.
Resilient: the role is fast paced, challenging and dependent on managing relationships with all stakeholders.
Dynamic: the insurance landscape is forever changing whether that be through the ups and downs of the insurance cycle or in anticipation and in response to market changing events.
Max Tipper – Underwriter
What drew you to join the Hiscox Property Binding Authorities team?
After spending most of my insurance career focused primarily on errors and omissions, and cyber, I was ready for a new challenge and felt that property would be a great area to broaden my expertise. It’s a much larger market than I’d previously been exposed to and I’ve been consistently surprised by its breadth and complexity. The first few months have certainly been challenging but that’s exactly what I was looking for.
Our account comprises a diverse mix of both commercial and high‑value household risks across a wide geographic spread, which keeps the work fresh and engaging. One of the most rewarding aspects since joining has been working closely with our coverholders and building those relationships. It’s also been great to get a glimpse behind the curtain of some truly sensational high‑value homes!
Zach Peachey – Underwriter
How has working across different insurance lines influenced the way you approach household underwriting today?
Having the benefit of working across both commercial and household binding authorities has provided a unique insight when underwriting household risks, whether that be a portfolio or a single risk.
Knowing the commercial market has allowed me to draw comparisons and understand the best route for deploying aggregate within the household space, particularly in areas where capacity was thin during the hard market over the last few years. Although both markets tend to move at a similar pace during the market cycle, there are certainly nuances in technical pricing and terms and conditions between the two. Understanding and utilising those nuances has proved extremely beneficial.
Lynsey Welch – Underwriter
What are you most looking forward to as the newest member of the Property Binding Authorities team?
Coming from a front‑line broking and underwriting background, I’m relatively new to the delegated authority space. I’ve spent the last four and a half years underwriting at a managing general agent in Toronto so I’m excited to now be on the other side of the fence! I’m really looking forward to broadening my knowledge of property binders, getting to grips with pricing and exposure management data, and deepening my understanding of the specific exposures and underwriting considerations for US risks. I’m excited to learn from my colleagues while also contributing my own experience and perspective.
Oliver Bright – Underwriter
How does your mix of underwriting and broker facility development experience influence the way you approach our binder portfolios?
The main ideas we focused on in broker facility development were about creating new adjacencies to incorporate an increased volume of business into different areas of the facility. Taking these ideas into binder portfolios has allowed me to carve out new opportunities within existing binders and help expand our products. My mix of experience helps me to think in different ways. I am always happy to voice different opinions which, I hope, are valued by my team. I am excited to see where this year leads.
Alex Brunwin – Senior Underwriter
From your perspective, what key risks or trends will shape the market for the years ahead?
The key dynamics the market needs to navigate will be softening market conditions within the context of more structural market changes driven by technology. Underwriting differentiation is being tested, especially as our brokers push their own facilities. In that environment, being clear about the value we bring to our clients and brokers feels even more important – whether that’s through our expertise, service, relationships or simply the consistency and trust that comes from knowing we’ll still be there when the market eventually turns again.
Looking further ahead at the longer term, digitisation is likely to reshape both distribution and underwriting in a more fundamental way. On the distribution side, much of our business still flows through wholesalers and traditional placement processes, which creates a huge opportunity for evolution. The challenge will be in finding the right ways to supply our products and capacity through new, technology‑enabled broker platforms, while staying true to our appetite and underwriting discipline.
On the underwriting side, there’s already early momentum around process optimisation. But the MGAs and capacity providers who can genuinely make use of the wealth of property data available and, crucially, build confidence in its accuracy, will be well placed to build a lasting competitive edge. The impact of AI and large language models can’t be ignored; these technologies are going to change the way we underwrite across the market. I think the players who adapt fastest and learn, will be the ones best positioned to scale as the market evolves.
And finally, the biggest question to the team: who do you think will win the 2026 FIFA Men’s World Cup?
- Joseph: England. Coupled with Arsenal winning the league and Spurs being relegated it could be the perfect year.
- Oliver: England – it has to be, there is no other option.
- Max: it’s hard to look past England and Spain but with family roots in Holland, I’ve got to go with The Netherlands and the ‘Oranje Army’.
- Tabs: I’ll say England, call it blind faith!
- Lynsey: I’m not a huge football fan, so I don’t have a strong prediction but as a dual UK and Canadian citizen, I’ll be cheering on both England and Canada!
- Alex: England of course! And Kane to win the golden boot with 15 goals.
- Zach: England of course…it’s coming home.