A new report in the Financial Times says that Lloyd’s of London is planning to stay in its City building for at least another nine years.
According to the report, despite rumours that the market would leave because of the prevalence of homeworking following the pandemic, a decision has been made for it to remain in the building due to the desire to conduct business face to face.
The building is reportedly owned by Chinese firm Ping An. A person ‘familiar with the matter’ told the FT that negotiations between the two had moved on to the space of extending the lease until at least 2031.
The FT wrote: “Lloyd’s ambition to stay beyond 2031 is dependent on agreeing terms with Ping An, one of the world’s largest insurers, and negotiations should conclude by the fourth quarter, the people said. The question as to whether Lloyd’s, a global market where insurers and brokers negotiate often complex contracts, will need to move on from the building it has called home since 1986 has hung over the institution since pandemic lockdowns forced staff to work from home.”
A statement given to the FT by Lloyd’s said the latter was “continuing to carefully think about the future requirements for the spaces and services our marketplace needs” and was “considering a range of options around our workspace strategy and the future leasing arrangements for Lloyd’s”.
Ping An declined to comment on the FT story.
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