The Board discussed the LMA’s draft strategy and objectives for 2026, which included a summary of our core activities for the coming year. It was noted that the strategy comprises a mixture of new and evolved topics and remains subject to changes in market conditions and work beyond the LMA’s direct control. Additional topics were presented to gauge the Board’s appetite for potential inclusion.

An overview of the year-end position relative to budget was provided. The Board approved the 2026 budget.

Guidance to accompany the claims RITC clause was presented, with further ratification by the LMA Claims Committee expected in due course. The clause is intended for use in exceptional circumstances. The Board also received feedback on the Lloyd’s market bulletin regarding oversight changes to the legacy market.

Under AOB, updates were provided on several matters including: the Dynamic General Insurance Stress Test (DyGIST), potential changes to PBO, the LMA and Lloyd’s Underwriting Talent Summit, LIC reinsurance collateral deposits, war clauses, the European Retail Investment Strategy (RIS) and the upcoming Council election process.