The committee received a Lloyd’s update on the Partial Internal Model pilot, including progress with the PRA, revised guidance, and plans to move towards a live framework in 2027. Members discussed capital planning, rate adequacy messaging and the LCR Focus Area return, highlighting the need for greater clarity and consistency in Lloyd’s communications. Updates were also provided on the AI use cases and reserving in a softening market working groups, covering emerging AI applications, governance considerations, and reserving challenges in changing market conditions, alongside future priorities for both workstreams.