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Lloyd's of London softens the dress code, allowing employees to opt out wearing ties

The largest and oldest insurance market in the world Lloyd's of London is softening the dress code that has been in effect for many years: during almost the entire 330-year history of the insurance market, wearing a tie at Lloyd's of London offices has not just been a matter of etiquette, but mandatory, the Financial Times reports.
Lloyd's of London softens the dress code, allowing employees to opt out wearing ties

The rules for the staff, updated by Lloyd's of London most recently in 2005, require that during the working hours, from 9:30 to 17:00, employees of insurance companies stick to the business dress code: a suit or jacket with trousers, and also a tie for men and business style clothing for women.

Despite the fact that over recent years there is no longer a requirement to wear a tie in the business circles of the country, Lloyd's of London insisted on its preservation.

Nevertheless, a strict policy of the insurance market has gradually begun to change. Although the requirement to wear a tie is not officially canceled, Lloyd's of London does not insist on its strict implementation.

Lloyd's of London representative told the newspaper that the new policy reflects the market's desire to "comply with the rules of the City business dress code".

This is not the first time in recent years, when the insurance market gives up long-established rules.

Last year, Lloyd's of London banned staff from drinking alcohol during working hours, which was a common practice. However, the restrictions did not affect insurance brokers and underwriters who were not in Lloyds of London staff, which employ about 800 employees: lawyers, accountants, IT specialists.

Besides, in the beginning of this year the insurance market stated that it would oblige the underwriters to use electronic systems, the implementation of which had been actively promoted by regulators.

Lloyd's of London traces its history since 1688. At the end of the 17th century, ship owners, merchants and sailors gathered in the coffee house of Edward Lloyd. They exchanged news, signed contracts for freight and insurance of ships and cargo. As a corporation, the association has been operating since 1871, when this status has been fixed by an act of the British Parliament.

The corporation's activities are provided by the brokers and syndicates of Lloyd's underwriters, who receive insurance and reinsurance proposals through brokers only. Lloyd's underwriters, before becoming members of the corporation, must contribute a fairly significant amount. The underwriters are grouped into syndicates, each of which has its own leader. Responsibility of individual members (the so-called "Lloyd's names") is not limited.

Lloyd's of London operates in more than 200 countries and territories of the world.


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