The panel welcomed updates from Patrick Davison of Lloyd’s on market performance, noting margin pressures in UK household and SME sectors, increased MGA competition and challenges in rate adequacy. Concerns were raised about acquisition costs and the impact of fast-follow models. Jonathan Gray of Pool Re presented a consultation on re-integrating terrorism cover into SME products, highlighting low uptake, consumer duty implications and broad industry support. The panel discussed the LMA Wordings Project Spring Clean, agreeing most pre-2010 clauses remain relevant. A working group will review 21 identified clauses. The Commercial Property BI wording is under review, and the Pool Re clause LMA5010E was noted.