The Committee reviewed progress across several Political Risk and Credit initiatives. Members were updated on ongoing RDS working party activity, where Lloyd’s looking to move from deterministic to stochastic modelling, though diverse market practices are causing delays. A light‑touch review of the current RDS document will proceed for 2026.  The PRI “Lessons Learnt” working party has nearly completed a first draft of simplified model wording, with thanks to David Powell and Toby Clark for their work. Updates from the Non‑Marine Committee included the forthcoming PRA DyGIST stress test, cyber‑related clause developments, and an Act of War Notification project to improve market certainty.  Members also received an Nick Kilhams Foundation update, including the successful annual lecture and progress on arrangements for the 2026 fundraising lunch at the Savoy.