L Lloyds of London could leave iconic City of London headquarters

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L Lloyds of London could leave iconic City of London headquarters

After four decades, Lloyd s of London could leave its iconic City of London headquarters, one of the most consequential signs of how companies are reassessing their need for office space.

Since it was completed in 1986, the world's oldest insurance market has been home to the world's oldest since it was built by British architect Richard Rogers, known as the inside-out building because its lifts and pipework are on the outside.

Like other companies, Lloyd s is reassessing its office space in the wake of the Covid-19 pandemic that has seen many staff work from home.

The Covid crisis has also accelerated moves towards automation, with Lloyd s, which insures complex risks from oil rigs to footballers legs moving away from doing business on its underwriting floor.

As we adapt to new structures and flexible ways of working, we are careful to think about the future requirements for the spaces and services our marketplace needs, a spokesman said.

Like many other organisations, we are considering a wide range of options around our workspace strategy and future leasing arrangements for Lloyd s. We are hoping to share our plans during 2022. Lloyd s could leave the building in 2026 if there is a break clause.

The Grade I-listed structure was built for an estimated 75 m and has been owned by Chinese insurer Ping An since it bought it for 260 m in 2013.

Lloyd s of London began in the small coffee house of Edward Lloyd in the city in 1686.

It is now the world's leading commercial insurance market where complex insurance contracts ranging from catastrophe to events cancellation are agreed and underwritten.

Lloyd s grew to dominate the shipping insurance market, a key element of Europe s global scramble for empire, treasure and slaves, who were usually included in insurance policies in the general rate for ship cargo in the 18th century.

The architect Richard Rodgers died last year at the age of 88, after a stellar career that saw him design the Millennium Dome, the Cheesegrater Leadenhall Building and the Pompidou Centre in Paris.