As a follow up to the recent surprising news that insurance giant Lloyd’s of London may be considering a potential exit from the award-winning Lime Street headquarters designed for them by late architect Richard Rogers in the late 1970s (opened in 1986), The Architect’s Journal UK is now reporting that the company has also paused previously announced plans to overhaul a major portion of the building in what could be a sign about the future status of its lifelong tenant. 

The all-important Underwriting Room within Lloyd’s was supposed to be the subject of the planned fixes, although now plans are being revisited, according to a spokesperson for the company. Lloyd’s is saying it has made the decision to step back from the project its CEO said would be a “once-in-a-lifetime opportunity” for architects in order to “ensure our vision for the future of this space is in line with the market’s needs and fit for purpose.”

Rogers’ original design of the Lloyd’s building included the multistory room, which occupies the ground floor, but has been made obsolete by the new demands placed on office space by the coronavirus pandemic. In order to adapt, Lloyd’s created a digital twin of the space that can be accessed by brokers and underwriters within the UK. Lessons from virtual space experiments were meant to be applied back to the real-world trading process, although now the company appears to be moving in a different direction.

“Taking this time will give us a stronger grasp on the working practices of our market participants and Corporation employees,” one spokesperson told AJ, adding that the company is still “considering a range of options around our workspace strategy and the future leasing arrangements.” Lloyd’s has so far been very public about its plans for a return to the office, joining Deutsche Bank and several other financial institutions in the forefront of thinking about the future of office spaces under the direction of CEO John Neal.

“Our next chapter must build on our rich heritage, while creating a unique experience that provides flexibility, supports growth, attracts new talent, and enables all market participants to trade and collaborate,” he said.

The consultation was completed by the end of Q1 last year. The company says it will provide an update as to their future plans for the building later in 2022.