’We’ll be redesigning other spaces in the Lloyd’s building to support our market’s collaboration and innovation,’ says chairman
Lloyd’s of London has struck a deal to stay in its headquarters at One Lime Street until at least 2035.
A statement released today (18 December 2023) said Lloyd’s would remain put after reaching an agreement with Chinese Insurer Ping An, which have owned the grade I listed building in London since 2013.
The deal will also contain an extension option to 2040.
It means that Lloyd’s can continue renovating workspaces and make further internal refurbishments to upper galleries and common spaces - including the installation of energy-efficient building infrastructure to reduce the overall carbon footprint of the building.
Renovations will also enable further lease opportunities for businesses looking for high-grade, low-carbon spaces, according to Lloyd’s.
”An important element of the lease terms is the agreement between both parties to invest in decarbonising and improving the energy efficiency of the building over the next five years,” the marketplace added.
Underwriting room
This came after Lloyd’s closed its underwriting room for two months over the summer to carry out renovations.
Read: Lack of underwriter presence at Lloyd’s ‘point of contention’ for young brokers – Liiba
Read: Brokers key in ‘shaping London market’s destiny’ for 2023
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Prior to the closure at the start of July, the London and International Insurance Brokers Association (Liiba) claimed in a report that underwriters had reduced their time at the box to only Tuesday, Wednesday and Thursday mornings.
And as a result, the report, which was published earlier this year (13 June 2023), stated that the willingness of underwriters to trade from the underwriting room had become a “point of contention for young brokers”.
The space reopened on 18 September 2023 for face-to-face trading, with Lloyd’s welcoming 13 additional managing agents to the ground floor of the room as part of the work.
Lloyd’s Chairman Bruce-Carnegie Brown said the changes that were made to the ground floor ”signal the start of our ambitions – but there’s more to come”.
“The Lloyd’s building holds a special place in our market’s collective consciousness,” he added.
“We’ll be redesigning other spaces in the Lloyd’s building to support our market’s collaboration and innovation.
”We’ll continue to monitor how the changes are working so One Lime Street can remain the iconic and dynamic space our market and customers need it to be.”
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