Property D&F and binders treaty outlook: relationships are the modern broker’s edge

As we approach the final two months of 2025, the Property (D&F and Binders) treaty reinsurance market is entering a period of transition – a “hard market softening.” As highlighted in Howden Re’s ‘Who Dares Wins’ report, discipline and collaboration are essential to navigating this phase.

For Howden Re’s Property Specialty team, this moment is defined by the quality of engagement between cedants, reinsurers and brokers.

“This is not a market that rewards short-term thinking,“ says Paul Esterbrook, Managing Director, Howden Re. “We have seen cycles come and go, but the partnerships that endure are the ones built on transparency and consistency.”

“Now in our fourth year since the launch of Howden Re, we are very proud to have built a substantial, high-quality client base in the D&F and Binders treaty space, gaining considerable market share year on year,” adds Esterbrook.

Experience Through Cycles

As the market evolves, reinsurer appetite remains strong for cedants with proven track records. Capacity for well-performing portfolios has held steady, supported by greater flexibility and a balanced awareness of catastrophe exposures.

Esterbrook describes the current landscape as a mature marketplace. “The names on the doors might change, but most of the people, and the relationships built over years, are the same,” he says. “That continuity matters and it’s what allows us to have real conversations built on shared history and trust.”

Following the post–Hurricane Ian recalibration that saw attachment points increase, the past two years have brought a slight reduction. This has created room for innovation in programme design, as cedants and reinsurers explore structures that improve capital efficiency and broaden protection.

The Modern Broker is More Than a Postbox

In an environment where data flows faster than ever, both leaders emphasise that reinsurance remains a people business. “Clients don’t want a broker who is just a postbox,” says Chris Medlock, Director, Global Specialty Treaty, Howden Re. “They want a team that understands both sides of the table - who can interpret the nuances, manage outcomes and communicate effectively. That is where real value is created.”

This human element transforms transactions into partnerships. Howden Re’s Property Specialty team believes the role of the broker has fundamentally evolved. The modern broker must be a strategic partner, not just an intermediary, bringing market influence, technical capability and trusted relationships to the table. That combination of expertise and trust is what provides stability through every phase of the cycle with both clients and markets.  

Howden Re’s Property Specialty team draws on deep experience and a wide network of market connections. Its ethos is rooted in collaboration, operating as a cohesive team rather than individuals, leveraging collective knowledge and longevity to deliver stronger outcomes.

“It’s about maintaining the discipline to communicate candidly, manage expectations and stay focused on long-term goals,” adds Esterbrook. “That consistency builds resilience, for clients and for the market.”

Medlock comments, “Clients who prioritise long-term partnerships tend to achieve better outcomes over time. When the market tightens again – as it will again – those relationships are what ensure continuity and support. As highlighted in our ‘Who Dares Wins’ report earlier this year, collaboration, innovation and adaptation will be key to capturing the opportunity and sustaining resilience in the next phase.”

Looking Ahead to 2026

The market is softening from the cyclical peak of 2023, yet profitability remains for both cedants and reinsurers. Reinsurers continue to deploy capacity across well-diversified portfolios, while cedants benefit from pricing and/or lower retentions.

As 2026 renewals approach, Howden Re’s Property Specialty team remains focused with the experience to reinforce foundations that enable clients to navigate what’s next.

“We’re proud of the relationships we’ve built with major markets over decades,” says Esterbrook. “That doesn’t happen overnight. It’s built on years of trust, consistency and showing up in every phase of the market cycle.”