The Chief Underwriting Officers’ Committee welcomed senior figures from Lloyd’s, including Rachel Turk (CUO) and Dawn Miller (CCO and CEO, Lloyd’s Americas), who shared Lloyd’s priorities for 2025. Key areas of focus include delegated authority (DA) oversight, natural catastrophe risk management (increasing perils from five to nine), and reducing regulatory reporting burdens. Lloyd’s also plans to evolve its planning approach to enable longer-term strategy and improve performance management processes. Turk highlighted the need for better data and insights to support effective oversight and stressed that volatility and exposure management must move beyond individual syndicates to a market-wide approach.

The committee asked questions on delegated authority oversight, Lloyd’s exposure to the California wildfires and the approach to volatility. They also discussed the potential reputational risks from the collapse of the TruStar coverholder in Canada and Lloyd’s plans to address the issue.

Lloyd’s presented an update on the multinational project, including the Crystal+ tool that consolidates regulatory guidance for the market. The tool was positively received, and further improvements such as API integration and AI functionality are planned. A pilot programme in the UAE aims to simplify fronting arrangements, and similar models are being explored for Mexico and other jurisdictions.

The committee discussed sustainability, focusing on the TCX risk code and concerns about limited guidance from Lloyd’s. Members agreed to review SusCom’s terms of reference and consider establishing a dedicated underwriting sustainability group. The committee also approved formalising the Enhanced Underwriting Working Group as a sub-committee and discussed preparations for the upcoming broker remuneration event, suggesting adjustments to the agenda and audience. Other topics included sanctions clauses, PBO processes and contract certainty in reinsurance.