Lloyd’s Weighs Future of Headquarters as Market Embraces Flexible Working

January 18, 2022 by Jack Sidders

Lloyd’s of London is reviewing its real estate needs as the historic insurance market embraces flexible working.

“As we adapt to new structures and flexible ways of working, we are continuing to carefully think about the future requirements for the spaces and services our marketplace needs,” according to an emailed statement. React News reported the review earlier.

The Lloyd’s insurance market has been a historic focal point in the City of London since it moved into the building in 1986, and dozens of insurers have based themselves in the towers immediately surrounding the historically protected building. Any move away from the so-called inside-out building, which is named for its external elevator shafts, plant and machinery, could shift the center of gravity in the district.

A move would also create a headache for China’s Ping An Insurance Group Co., which owns the building on Leadenhall Street. It was specifically designed for Lloyd’s by architect Richard Rogers, and its historic protections limit the scope for major modifications to make it suitable for a new occupier.

It is not the first time Lloyd’s has reviewed its real estate plans. In 2014, the group considered a move to a nearby development at 40 Leadenhall Street that is now under construction, the Sunday Times reported at the time.

Lloyd’s current lease runs until 2031, but it has a break clause in 2026 that could allow it to leave the building early.

–With assistance from Benjamin Robertson

Top photo: The Lloyds of Lloyd building in the City of London. Photo credit: Tom Skipp/Bloomberg.