Insurer Lloyd’s of London may quit landmark City HQ after 40 years amid work from home revolution
Lloyd’s of London could quit its City of London headquarters after four decades.
The tower – designed by British architect Richard Rogers and known as the ‘inside-out’ building because its lifts and pipework are on the outside – has been home to the world’s oldest insurance market since it was completed in 1986.
But Lloyd’s is reassessing its office space in the wake of the pandemic that has seen many staff work from home.
Iconic: Lloyd’s City of London headquarters– designed by British architect Richard Rogers and known as the ‘inside-out’ building because its lifts and pipework are on the outside
The coronavirus crisis has also accelerated moves towards automation with Lloyd’s, which insures complex risks from oil rigs to footballers’ legs, shifting away from doing business on its underwriting floor.
A spokesman said: ‘Like many other organisations, we are considering a range of options around our workspace strategy and the future leasing arrangements for Lloyd’s.
‘We are aiming to share our plans during 2022.’
The lease expires in 2031 but Lloyd’s could leave in 2026 when there is a break clause.
The building has been owned by Chinese insurer Ping An since it bought it for £260million in 2013.