Lloyd’s has reportedly secured a new lease agreement with the insurance marketplace’s landlord to remain in its renowned London headquarters for at least another 18 years.

Citing real estate sources, a Sky News report said the current agreement with building owner Ping An – the Chinese insurance giant that acquired the property from Commerzbank in 2013 – will be replaced with an extended lease.

It was noted that the agreement in place at present features a break clause, which will be removed, and that the lease would end in 2031 if not for the soon-to-be-announced extension.

According to Sky News, the new terms – including yearly increases in rent ranging from 3% to 5% – could be unveiled as soon as next week.

The Lloyd’s underwriting room within the iconic building reopened for face-to-face trading in September following a 10-week refurbishment.

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