The committee reviewed the LMA’s Enhanced Underwriting Report, which has been shortened for clarity and is due to be distributed in full. Members welcomed the work, but noted that the executive summary lacked commentary on data quality, a key issue for the market. Oxbow Partners agreed to include this in the final version. Legal and regulatory concerns raised by enhanced underwriting models were discussed, with the LMA Legal and Regulatory Committees preparing a follow-up report to address these points. The report is seen as a significant resource that will help boards and market participants evaluate future underwriting strategies.

The committee discussed Lloyd’s proposed capability assessment pilot and requested further clarity on the methodology, objectives, and the differences from the PBO framework. It was agreed that the CUOC and LMA will collaborate on a market-wide survey to gather views from CUOs on capability assessments, informing future dialogue with Lloyd’s.

The Enhanced Underwriting Working Group’s 2025 focus areas were reviewed and refined, with priority given to data quality, risk management, liability concerns for lead underwriters, AI, and the impact of technological advances on talent and underwriting. Members highlighted the need to avoid duplication with other committees and to secure greater clarity from Lloyd’s on enhanced underwriting. The committee also discussed inviting key Lloyd’s executives to future meetings and revisiting topics such as ESG and the multinational market.

The issue of subscription market brokerage was raised, with members supporting a market-wide initiative, possibly involving the FCA, legal representatives, and brokers, to ensure clarity, transparency, and best practice. The committee agreed this should be a priority for the coming year.