David Sansom, Dawn Miller and Rebekah Clement joined the meeting to outline Lloyd’s regulatory engagement strategy. The Board welcomed the approach and discussion focused on LIC funds withheld.

Patrick Tiernan addressed the Board to thank members for their support, following the announcement of his appointment as CEO of Lloyd’s. He outlined near-term priorities including underwriting discipline, delivery of Blueprint Two Phase One, international licensing and improvements to Lloyd’s culture. 

The Board was then presented with the cutover plan for Blueprint Two. The proposal centres on securing permissions to support cloud-based data migration. The Board discussed phased versus full-service cutover options and noted a preference for a full-service cutover, subject to further risk analysis.

The Board reviewed proposed changes to the RITC clause, following mixed feedback from LMA stakeholder groups. It was agreed that enhancements to the wrapper wording and clarifications to operational guidance would be progressed.

The Board approved funding for Phase 1 of the digitisation of the Lloyd’s Wordings Repository (LWR).

Under AOB, the Board noted minor changes to its Terms of Reference and received a written update on the claims strategy. The LMA Finance Committee confirmed the launch of a review into the LMA’s charging structure. The review will assess whether the current capacity-based approach remains fit for purpose.