The committee received an update from Lloyd’s on Directors’ and Officers’ liability market performance and planning priorities. Discussion focused on underwriting discipline, price adequacy and market conditions, with Lloyd’s highlighting D&O as an area of continued performance focus. Members considered rating trends, coverage developments and the impact of new risk code reporting, while noting signs of stabilisation in parts of the US market. Concerns were also raised around broadened coverage offerings and the importance of maintaining underwriting standards.

The committee received a presentation on commercial crime trends and the increasing overlap between crime, cyber and D&O exposures. Discussions covered investigation costs, conduct exclusions, crime extensions and the growing risk posed by AI-enabled fraud, including deepfake and social engineering events. Members also considered potential governance and regulatory implications arising from these developments.

Emerging legal and market trends were reviewed, including developments in private credit and shadow banking. The committee also received an update from the LMA Non-Marine Committee on the Role of the Lead report and regulatory developments affecting Brazilian reinsurance wordings and claims clauses.