The meeting opened with a presentation from Rachel Turk on Lloyd’s approach to formulating their strategy. The Board welcomed Lloyd’s transparency and its commitment to engaging with the LMA and the market.

A Blueprint Two update was presented, noting delays to the go-live timeline.

The Board approved a proposal from the LMA’s Chief Underwriting Officer Committee to commission Oxbow Partners for a follow-up to the 2024 report on enhanced underwriting. The new study will explore the evolving role of the lead and its implications for the market.

The updated LMA Academy strategy was shared, highlighting achievements to date and future plans.

Under AOB, the Board heard updates on several legal and regulatory matters, including the FCA’s non-financial misconduct consultation, the LIC reinsurance collateral deposit scheme and the European Retail Investment Strategy. Brief updates were also shared on PPL and the routing hub concept.