The panel discussed revised exclusions, including pollution, windstorm, data and contraband, with decisions to incorporate or exclude. The meeting noted updates on LA wildfires, the PICG’s shift towards thematic issues and proposed changes to the LMA5020 clause. Planning continued for the D&F Forum, with speakers confirmed. Discussions highlighted market conditions, including reduced limits, increased follow capacity and a shift in US market dynamics. Members noted the continued use of the SMB recording and the need for updates on the broker variant of LMA5410. The Italian Nat-Cat legislation was discussed, with updates provided.