The Lloyd’s market will remain in the iconic Richard Rogers-designed building until at least 2031

Lloyd’s of London plans to stay in its landmark City building until at least 2031, reports the Financial Times

The transition to hybrid working practices had led some market practitioners to predict the death of face-to-face trading, casting doubt on whether Lloyd’s would remain at One Lime Street. But Lloyd’s has now decided to stay at the Richard Rogers-designed building, according to people familiar with the matter.

It is understood there is now “zero chance” that Lloyd’s would exit a lease that runs until 2031 and negotiations with Ping An, the Chinese insurance owner of the building, had moved on to the terms under which it could stay for even longer. It is understood that negotiations should conclude by the fourth quarter.

The question as to whether Lloyd’s will need to move on from the building it has called home since 1986 has hung over the institution since the start of pandemic lockdowns in 2020.

The return to the building has so far been gradual for Lloyd’s traders. Overall numbers heading to One Lime Street are running at about half of pre-pandemic levels.