Lloyd’s of London issues statement as underwriting room reopens

Lloyd’s of London has reopened its underwriting room after closing for two months due to refurbishment work, a statement released yesterday (18 September 2023) said.

The marketplace closed the space earlier this year (10 July 2023) to introduce, according to chairman Bruce Carnegie-Brown, some “much needed improvements”.

Yesterday, Lloyd’s revealed that the ground floor as well as galleries one and two had opened again for face-to-face trading.

“We welcome 13 additional managing agents to the ground floor of the underwriting room,” it added.

“We would like to thank everyone for their support over the Summer refurbishment and we look forward to you settling back into the room.”

Face-to-face 

The decision to revamp the underwriting room followed an extensive market wide consultation conducted by Lloyd’s in Q1 2021.

A separate consultation about equitable allocation of space on the ground floor was also held in Q1 2023 – at that time, brokers expressed concerns that underwriters had reduced their time in the box and that distributed attendance rotas were left unfulfilled.

Brokers, as a result, told Insurance Times that the market was “very much at risk, not least because there are fewer junior staff learning their trade”.

While the underwriting room will see digital enhancements, Carnegie-Brown stressed that it would not replace face-to-face contact.

“Contrary to what some might believe, and to current debates around technology, these changes will not see old giving way to new – nor humans giving way to robots in some dystopian digital future,” Carnegie-Brown said.

”Instead, it’s a handshake between the time-tested models of the past and the brave possibilities of the future. A clearer definition of where people, places, technology and data can add value to make better use of our collective time, energy and resources.

“That means identifying where technology can simplify and improve our processes, while freeing brokers and underwriters to provide the expert advice and counsel our customers need in uncertain times.”