Recent developments at Lloyd's managing agent Euclidian could herald a dramatic change in the company's plans. While managing director James Stuart has been making his whirlwind capital-raising tour of the City, Backchat has heard he also visited the "erotic gherkin".

But Swiss Re's new home may fail to entice Euclidian away from its original Birchin Lane address. Like many others who have ventured up the first few completed floors, Stuart felt the hype did not quite live up to the price.

Also, ex-chairman James Truscott has agreed his severance deal and extricated himself from the company he helped form. Spied talking to chief executive Nick Prettejohn, he may yet have some non-executive roles coming his way. A source told Backchat: "James has some irons in the fire. He'll be back."