The committee approved the December minutes before receiving a detailed update from Lloyd’s. Topics included the California Wildfires major claims return, LCM 5 planning and cyber aggregate returns. Lloyd’s confirmed that LCM 5 would remain in use for 2026 and shared benchmarking reports and updates on Project COBRA. Syndicates were thanked for recent submissions and informed about upcoming validations and returns. Subgroup leads gave progress updates on papers covering model validation, cyber, casualty and climate. The group also reviewed EMWG forum plans and survey results, with liability and model upgrades highlighted as market priorities. Vanessa Jones was confirmed as deputy chair.