Members reviewed the LMA’s guidance on Service Management Broker (SMB) practices, noting the importance of transparency and disclosure, particularly in relation to claims fees and commission structures. Legal and compliance concerns were highlighted, with reference to the Prevention of Fraud Act and ongoing FCA scrutiny.

Sanctions compliance was addressed, including updates to documentation clauses and record-keeping obligations. Exception reporting covered developments across joint committees, including PTSD-related claims, litigation funding, and vessel classification concerns following the Morning Midas incident.

On delegated underwriting, Lloyd’s outlined its approach to facility oversight, follower capability, and market sustainability. Concerns were raised about the erosion of underwriting expertise and the impact of cross-class facilities.

The meeting concluded with discussion on MGAs, noting emerging marine activity backed by non-marine syndicates.