The group discussed early data from the major wildfire loss event, with minimal impact on specie and fine art lines so far. Evidence supporting the success of the Wildfire Defence System Syndicate was noted, raising the possibility of scaling and seeking capital relief. Developments were shared on Russian-trapped aircraft claims and increased loss costs. The Committee also examined Lloyd’s evolving stance on new market entrants, syndicate criteria and pipeline prospects. Broader market dynamics, including capital structures, bottom-of-cycle assumptions and diversification opportunities, were explored. Upcoming LCM 9 data collection in 2026 is expected to remain within council risk appetite.