The International Casualty Reinsurance Panel’s March meeting concentrated on the rapidly expanding transactional liability market and the development of new Lloyd’s risk codes. Members discussed the need for better classification of warranties and indemnities, tax insurance, contingent risks and litigation-related products to improve consistency and portfolio analysis. New risk codes were agreed covering US and non-US warranties and indemnities, tax products and contingent risk lines. The panel emphasised the importance of stronger engagement between direct market participants and reinsurers and highlighted a need for further education around reserving practices. The meeting also reviewed progress on Project Spring Clean, specifically the treatment of accumulation and occupational disease clauses. Discussion centred on whether to adopt updated IUA wordings directly or create distinct LMA versions. Broader market updates included developments concerning AI-related product liability reform, plastics exclusions, ultra-processed foods litigation and creation of a Life Sciences working group. Members were also informed that Lloyd’s underwriting performance oversight for casualty reinsurance would move under new leadership.