The minutes from July 2026 focused on cyber risk, data centres, market conditions and regulatory developments. The panel reviewed feedback from discussions with Lloyd’s on cyber write-backs, noting expectations around premium allocation for malicious cyber cover, use of new property cyber risk codes, and the continued preference for Wordings 5400/5401. Members also discussed the growing use of artificial intelligence and agreed to review a proposed LMA AI definition before considering any changes to property wordings. Updates were provided on long-term agreement guidance, broker-amended wordings and the Data Centres Project, including work on underwriting questions, aggregation and educational briefings. The panel considered Brazilian insurance legislation changes, claims trends and warehouse valuation concerns. Members reported ongoing pressure on pricing, commissions and terms in a soft global property market. Further updates covered service management brokers, data centre initiatives, the Digital Assets Act wording review project, the proposed renewal of the US Terrorism Risk Insurance Act, and progress on Project Spring Clean.