The Board welcomed Clare Traxler as the new Company Secretary. Blueprint Two (BP2) governance was restructured, with the Technology and Transformation Committee (TTC) now responsible for oversight of Lloyd’s budget for BP2. 

Lloyd’s Principles Based Oversight (PBO) and Tier 1/Tier 2 categorisation were discussed, with Peter Montanaro outlining criteria and engagement with managing agents (MAs). Feedback suggested Tier 1 categorisation should not increase workloads but would demonstrate Lloyd’s strong oversight of significant risks. Lloyd’s plans to streamline returns and improve communication were noted.

The London Market Group Strategy 2025 was presented by Caroline Wagstaff, focusing on three pillars: government engagement, future talent and market promotion. Key initiatives include expanded university outreach, enhanced diversity provisions and a global risk summit hosted by the City of London in May 2025. The LMA Board requested better promotion of the event and a partner list to be circulated.

The Board noted John Neal’s resignation as Lloyd’s CEO and expressed concerns about communication and conflict of interest. Plans for his replacement were to be delayed pending the arrival of Sir Charles Roxburgh KCB, who would assume the Chair role in May 2025.

The Board discussed the updated subscription market brokerage (SMB) guidance and upcoming market event addressing regulatory and legal issues. A follow-up paper on enhanced underwriting will be issued later in the year.

The Board approved the 2025 objectives, which build on 2024 efforts around digitisation, technical expertise, talent development and market representation.