Insurer Lloyd’s of London can leave historic City HQ after 40 years
Insurer Lloyd’s of London may leave historic City HQ after 40 years amid a work-from-home revolution
Lloyd’s of London could leave its City of London headquarters after four decades.
The tower – designed by British architect Richard Rogers and known as the ‘inside-out’ building because the elevators and pipes are on the outside – has been home to the world’s oldest insurance market since its completion in 1986.
But Lloyd’s is re-evaluating its office space in the wake of the pandemic with many staff working from home.
Iconic: Lloyd’s City of London headquarters – designed by British architect Richard Rogers and known as the ‘inside-out’ building because the elevators and pipes are on the outside
The coronavirus crisis has also accelerated steps towards automation with Lloyd’s, which insures complex risks from oil rigs to football players’ legs, and is shifting from doing business on the insurance floor.
A spokesperson said: ‘Like many other organisations, we are considering a range of options around our workplace strategy and the future lease arrangements for Lloyd’s.
“We aim to share our plans in 2022.”
The lease expires in 2031, but Lloyd’s could leave in 2026 if there is a cancellation clause.
The building has been owned by Chinese insurer Ping An since it bought it in 2013 for £260 million.