Vanessa Jones opened the meeting as Chair, with David Singh confirmed as Deputy Chair, and reminded members of competition law obligations and the importance of aligning the group’s remit with market needs. The Terms of Reference were reviewed and agreed to be overly specific and dated; updates will focus on non-nat cat exposure management, modelling best practice, and vendor engagement, with a draft to be circulated before the next meeting. Lloyd’s provided positive feedback on the recent EM Managers Event and outlined an upcoming data completeness and quality exercise, while cyber RDS timelines were adjusted to avoid regulatory clashes. The Credit and Political Risk RDSs are being refreshed to reflect a more credit-focused, exposure-sensitive approach, introducing South China Sea and Private Credit Stress scenarios, with first issuance expected March/April, initial data collection in July, and full replacement targeted for the 2028 SBF. Sub-group updates included progress on Model Evaluation, Vendor Engagement, and Reporting, alongside proposed AI, Actuarial Collaboration, and Data Centres groups, with a SharePoint file to facilitate sign-ups. The meeting concluded with a proposal for an in-person summer away day to support informal discussions and relationship-building.