The Chief Underwriting Officers’ Committee welcomed Peter Montenaro, Lloyd’s, to reflect on the 2025 business planning cycle and feedback on the Capital Planning Group (CPG) process. Key discussion points included flexibility in planning, enhanced communication between capital and underwriting teams, and the ambition to pilot a three-year planning cycle. Lloyd’s reiterated its focus on supporting managing agents with clearer insight into expectations and offered to provide tailored feedback to syndicates.

Committee members raised questions about how to maintain outperforming status and called for better benchmarking data from Lloyd’s to help navigate challenging market conditions. Concerns were also raised about the delay in uploading Q4 2024 data to the Insights Hub.

The committee discussed the issue of broker remuneration, following a recent LMA event. Members discussed what constitutes fair value, the adequacy of current broker disclosure practices and the classification of subscription market brokerage. The LMA is reviewing the 2012 Broker Remuneration Disclosure Clause (LMA5189) and is working with legal counsel to clarify best practice. Members were asked to share relevant contract clauses and submit questions ahead of the next meeting, which will include the CEO of LIIBA.

Further updates included the AI underwriting risk project, with a forthcoming survey to assess market concerns and awareness. Sheila Cameron, LMA, presented on the growing impact of consortia and facilities. The committee then explored the implications for market discipline and lead underwriter roles. There was consensus on the need for better data distinction between consortia and facilities, and a call for action to support the use of consortia as a more sustainable model.The committee also noted the incoming Chair of Lloyd’s is keen to engage with the CUOC and highlighted the PRA’s continued interest in broker commissions, competitiveness and EU trade.