or chat for a while in City was that Lloyd’s of London might be looking for a new home.
There was a break in the lease with the iconic building at One Lime Street and he could move in 2026.
In Luton. Or Liverpool. Or somewhere.
We learned today that those talks have been shelved – it will remain exactly where it is and negotiations are underway to extend the lease. The publicans around Leadenhall Market can breathe a sigh of relief.
What does this tell us?
That the insurance market and the city as a whole is a people industry. The internet can help keep fees down, but at the end of the day, if you’re going to do a £100 million business with someone, you want to know that person as well as possible.
And not through the metaverse.
You can sign the transaction, WFH via e-mail, but to get there you will need an appropriate face-to-face meeting time.
Lloyd’s move is a major show of support for the city. Brokers are returning to the office, gradually but increasingly.
Those who never come will lose a lot – gossip, market information and therefore money.
The value of this material increased rather than disappeared during the pandemic.
“We see a value proposition in both the physical and virtual markets,” an unnamed Lloyd’s executive told the FT.
No harm in upgrading Lloyd himself. It could definitely be a little more “woke” in its approach.
Mainly, he has to just keep going and it looks like he plans to do just that.
The city has a remarkable gift of reinventing itself when necessary. Sometimes it’s just not necessary.