A presentation from Daniel Sisson and Nikesh Shah from Lloyd’s highlighted a strategic focus on underwriting performance, enhanced data-driven oversight, and proactive market engagement, alongside continued deterioration in older US GL years (notably 2015–2019) and the need for disciplined cycle management and benchmarking.  Discussion covered single-use plastics, with uncertainty over existing pollution exclusions and agreement to further review wordings, and the ISO war exclusion, noting cyber risks require separate treatment.  Standing items included social inflation updates, while emerging risks such as ultra-processed foods were flagged for future briefing. Claims updates highlighted AI, social media exposures, and rising phthalates litigation.  Updates were also provided from International Liability and Non-Marine Committees, alongside positive effectiveness survey feedback. AOB included late notifications, wording inconsistencies, and development of an LMA AI definition.