The committee approved the November minutes and confirmed that Vanessa will assume the Chair role, with all members required to reapply as part of a refreshed committee selection process. The group discussed ongoing challenges with running certain RDS scenarios—particularly UK Flood—in Moody’s HD models, noting limited usability, reduced granularity workarounds and potential impacts on diversification capture. Lloyd’s provided updates on recruitment, upcoming oversight priorities, communications, PRA DyGIST coordination, revised model change guidance, and the finalised non–nat-cat materiality framework. A refresh of Cyber RDS scenarios is underway, with draft returns expected in April 2026 and existing scenarios continuing in parallel. Positive feedback was received on exposure management reporting, with a market-wide survey to follow. Subgroups reported mixed progress: the model upgrade group will be reassessed due to stalled activity, while the casualty subgroup delivered its 2025 objectives and is exploring future podcast content.