Christopher Croft, CEO of broker body LIIBA, has welcomed today’s reopening of the Lloyd’s underwriting room, describing the tacit knowledge exchange that comes from being together as “crucial” to London’s ability to trade risks the rest of the world can’t.
Lloyd’s CEO John Neal announced recently that face coverings will be mandatory in the building’s reception, lift lobbies and lifts, bathrooms, the coffee shop and underwriting room.
For its underwriting boxes, Lloyd’s has installed screens at each of the boxes to enable face-to-face trading.
In regards to building access, only Lloyd’s passholders will be permitted access to One Lime Street for the time being and must enter via Tower 1 or the main reception only.
“The re-opening of the Lloyd’s underwriting room today marks the start of a gradual return to face-to-face trading in the London market,” said Croft.
“Brokers have adapted swiftly and have been conducting business in a variety of ways to suit their clients’ needs, as well as increasing their use of electronic platforms.
“Since March’s lockdown in the UK, the market has continued to support its clients — and, in fact, dealt with a sharply increased level of business — but things have also fundamentally changed.”
Croft added that what makes London a marketplace is about so much more than just the act of placing a risk or paying a claim.
“That does require co-presence and the serendipity of encountering the right person at the right time, so the opportunity to do that at Lloyd’s again is very welcome.”
