The PRBP Minutes NOVEMBER 2025.docx record the Property Reinsurance Business Panel meeting held on 26 November 2025, chaired by Freddie Gerstrom. The panel confirmed competition law compliance and approved the October 2025 minutes. A major focus was the updated wildfire loss occurrence clause: the group agreed clarifications to the definition of “fires,” discussed the use of “may” versus “must” across perils, and decided to seek further legal input on earthquake wording. Plans were outlined for an LMA educational event and for developing a simplified, plainEnglish version alongside the technical clause. 

Project Spring Clean (legacy wordings) progressed, with 13 clauses retained, 30 archived, and 8 earmarked for update, and a subgroup to be formed for further review beginning January 2026. The panel noted Lloyd’s updates, including the appointment of a new Property Manager, and received NonMarine Committee updates covering research on lead underwriting, AI loss scenario surveys, and various sectorspecific initiatives. Emerging risks discussed included data centre accumulation and inconsistent ECO/XPL & LAE extensions.