The Board welcomed Emma Woolley, replacing Chris Rash for Talbot Underwriting, and Caroline Sandeman-Allen, the new Market Oversight Director at Lloyd’s. Caroline Sandeman-Allen outlined Lloyd’s priorities, which include evolving the Principles for Business Oversight, ensuring transparency and commerciality and building on the PRA’s confidence in oversight. She emphasised that any changes would be communicated in advance, and guidance would be refreshed where necessary. Engagement with Board Chairs and INEDs will continue to maintain market stability.

The Board discussed appointments and reappointments, formally approving Emma Woolley’s appointment and Sheel Sawhney’s reappointment as Standing Directors. Sheila Cameron noted that the approval process was being reviewed for greater efficiency, with a proposal to be presented at the next meeting.

The Board approved resolutions regarding the London Market Group (LMG), agreeing to its establishment as an independent not-for-profit entity.

A strategy session, facilitated by Oxbow Partners, focused on defining the LMA Board’s key asks for the incoming Lloyd’s CEO. Board members split into three groups, covering performance and geopolitics, regulation and proposition, and digitisation and culture. Each group identified the roles of Lloyd’s and the LMA, and recommended actions for Lloyd’s to stop, start and continue. Discussions were lively and constructive, with a summary of findings to be shared with incoming Lloyd’s executives and the wider LMA staff.

The Finance, Remuneration and Operations Committee (FRO) reported on compensation and bonus approvals, performance measurement improvements and CEO remuneration.