The meeting covered Lloyd’s SS5/25 gap analysis, medium-term climate scenario development, and litigation risk, including progress on a catastrophe litigation claims code. The materiality assessment subgroup will compile a survey of current practices to produce market guidance by May, while the climate scenario analysis subgroup will conduct interviews and case studies to share best practices. Regulatory updates, including FCA CP265 and other consultations, were reviewed, with Deloitte supporting a horizon-scanning session. Follow-up actions include clarifying litigation oversight, finalizing and analyzing the materiality survey, conducting scenario analysis interviews, and preparing regulatory guidance for the market.