The underwriting sector’s brightest emerging leaders reconvened in Sydney for a deep dive into the structural and strategic foundations of the Australian market. As part of the UAC Leadership Academy, Module 4 tackled The Past, The Present and The Future.

As the industry navigates a softening market and evolving regulatory expectations, the leap from technical expert to strategic leader requires more than just good underwriting intuition. It demands a mastery of capacity models, brand architecture and high-pressure negotiation.

To unpack this, we spoke with the four industry veterans who led these sessions to discover exactly what it takes to build a standout agency in today’s competitive landscape.

Demystifying the global market

For many local agencies, securing Lloyd’s capacity is seen as the ultimate hallmark of maturity. Yet, the path to becoming a Coverholder is often underestimated. Sarah Girling, Senior Market Engagement Manager at Lloyd’s Australia, guided the cohort through the requirements of this global market.

Girling noted that the most significant aspect is rarely the corporation approval itself, but rather the thorough due diligence conducted by the sponsoring Managing Agent.

“One of the opportunities for improvement spots for brokers and underwriters is appreciating the importance of preparation before engaging with a Managing Agent,” Girling explains. She notes that Lloyd’s Underwriters are authorised by APRA and the Managing Agents are regulated by the Prudential Regulation Authority (PRA) in the UK and subject to Lloyd’s Principles Based Oversight framework, therefore they need confidence that an agency has the operational capability, expertise and compliance framework to underwrite on their behalf.

The key to success? Proactive clarity. “Organisations that clearly articulate their business proposition, demonstrate robust governance and compliance arrangements, and provide comprehensive documentation early in the process are well positioned to progress much more smoothly,” she adds.

The APRA-regulated advantage

While Lloyd’s offers unparalleled global access, local APRA-regulated entities provide an entirely different strategic proposition. Peter Gezimati, Head of Delegated Authority for HDI Global, used his session to contrast these two heavyweights.

“The key difference is that Lloyd’s is a market of syndicates providing capacity, whereas HDI is an APRA-authorised insurer with its own balance sheet and local regulatory oversight,” Gezimati notes. For emerging agency leaders, understanding this distinction is crucial when deciding which capital model fits their long-term growth strategy.

Gezimati emphasises that HDI’s model translates to stable local capacity and direct access to decision-makers. But it goes beyond just providing the paper. “We back agencies not just with paper, but with underwriting expertise, claims support, risk management, compliance oversight and growth capital to help them build sustainable businesses,” he says, a philosophy that underpins HDI’s strategy of acting as a true “Partner in Transformation.”

Architecting a sustainable brand

Understanding capacity is only half the battle; building a brand that the market actually wants to engage with is the other. Simon Lightbody, Founder & Director of the Rhodian Group, challenged the cohort to look critically at their distribution models.

In a crowded market, Lightbody argued that mere survival differs from sustainability. To truly stand out, an agency must secure a foundation built on absolute alignment with its backers.

“An agency that wants to build a long term sustainable brand has to ensure it aligns the products it will distribute with a capacity provider that truly understands the agency’s value proposition and makes long term commitments,” Lightbody advises.

Furthermore, he warns against overcomplicating the broker experience. “The path to market for these products has to be clear. There can be no confusion as to where a broker goes to access the capacity for the agency’s products.”

The pressure test

The theoretical lessons of Module 4 culminated in a high-pressure practical simulation. Anita Lane, Managing Director of CFC, led a session that dropped participants directly into the deep end. Acting as wholesale brokers, they verbally presented three submissions to a simulated Lloyd’s underwriter.

“The real value of this exercise is that participants can’t rely on paperwork alone,” Lane explains. “They need to fully understand the risk, think on their feet and confidently communicate their recommendations.”

For many participants, the transition from desk-based analysis to face-to-face negotiation triggers a profound professional shift. “The biggest lightbulb moment,” Lane reveals, “is often realising that success comes not just from knowing the details, but from being able to tell the story of a risk and defend your thinking under pressure.”

The blueprint for the future

Module 4 proved that the future of the underwriting agency sector won’t be inherited by those who just know the technical metrics. It will be built by leaders who can prepare rigorously, choose their capacity partners wisely, define a frictionless path to market, and fiercely defend their portfolios when the pressure is on.


Jenny Bax
Chief Executive Officer
Underwriting Agencies Council

Also in this edition: