The lease on its tower, which has been Lloyd’s home for 36 years, lasts until 2031, however there is a break clause in 2026 if the firm chose to relocate early.

The move to work from home during the COVID-19 pandemic led the firm’s bosses to consider exercising the break clause. However, now, the chiefs have decided face-to-face trading remains central to the function of its insurance market, The Times reports.

Lloyd’s confirmed that it was in talks with Chinese insurer Ping An, its landlord, to extend its lease beyond 2031 “if the right terms are agreed”.

The Financial Times first reported the negotiations.

A spokesperson from Lloyds of London told Scottish Financial News: “We’re building the marketplace of the future, which means having both a fully integrated digital offering and a thriving physical space for our market to convene. While our workplace strategy and future leasing arrangements remain under consideration, our preference is to stay in the building if the right terms are agreed. We remain on course to confirm our plans later this year.”