Rachel Turk, Chief Underwriting Officer at Lloyd’s, updated the Board on Lloyd’s strategy implementation, noting its key drivers: underwriting performance, capital advantage, an efficient and flexible marketplace, and pride in Lloyd’s.

The Board were then updated on the FERN 3 contracts, due to auto-renew at the end of 2026 with minor changes. Lloyd’s, the LMA and Velonetic proposed a collective submission by Lloyd’s to the PRA for a material outsource notification, with market approvals targeted for Q4 2026 and final sign-off in Q1 2027. Operational resilience was being monitored through a quarterly dashboard.

Under any other business, the Board heard about the new appointments to the LMA Chief Underwriting Officers’ Committee and an update on the Lloyd’s consultation on a new direction for culture, skills and talent.