Two weeks ago, a rumour began in the New Moon pub at Bank, which then moved up Cornhill to begin its journey around the hostelries of Leadenhall Market that Lloyd's chief executive Nick Prettejohn had resigned.

Those avid readers of Insurance Times will know that Lloyd's completely dismissed the rumour as "garbage".

But Backchat was contacted by a source who said the latest gossip was Prettejohn did offer his resignation after being approached by a global investment bank. But Lord Levene and Lloyd's worldwide director Julian James convinced him to stay.

A Lloyd's spokesman denied the story.