Patrick Davison, Lloyd’s Head of Underwriting Performance, provided a market update highlighting projected 12% top-line growth for 2026, largely driven by new syndicate structures and broker facilities.

Members discussed excess capacity, optimistic aggregate plans, MGA influence, and rising acquisition costs. Lloyd’s is increasing oversight as the market softens, monitoring performance against plans and infrastructure capability. The decile 10 process was briefly discussed, and Andrew Bowers was thanked for his contributions to the committee as he was stepping down.