Lloyd’s Australia is harking back to its London roots by co-locating with three Lloyd’s businesses in new offices that will feature a cafe, hot-desking and seminar rooms.

General Representative Chris Mackinnon told insuranceNEWS.com.au the co-location with syndicates Argenta and Talbot and managing agent Ironshore aims to bolster the market’s profile and physical “footprint” in Australia.

Lloyd’s also hopes to attract more syndicates and some of its 120 coverholders into the fold, in what is a profitable but disparate market.

“We’re conscious we’ve got a strong presence in Australia and it is a broad network, but we need to create a physical presence and profile,” Mr Mackinnon said.

The hub in Sydney will also provide ease of access to the Lloyd’s market for clients, with all the skill sets and capacity in one location, he says.

Lloyd’s participants began co-locating 325 years ago in Edward Lloyd’s coffee shop, and Mr Mackinnon says it still makes good business sense, as shown by the market’s model in Singapore, which now features 24 syndicates.

The new office will feature a coffee shop meeting place, a seminar space for 75 people, hot desks and Wi-Fi for visiting syndicate underwriters.

“We’re creating a trading floor where we can attract business into the Lloyd’s market,” Mr Mackinnon said.

Argenta Australia Head Tim Higgins told insuranceNEWS.com.au the new marketplace means brokers do not have to turn to Lloyd’s London or Singapore hubs.

He says it will be a trading place for “intellectual capital” and a great opportunity for Lloyd’s companies to join the local platform.

“It will be a central point for personnel and staff from overseas,” Mr Higgins said. “We’re starting small but I think this will be a growing platform.”

Talbot Underwriting Australia MD Adam Matteson says the hub will “mean better access and support to our clients in the various distribution points of insurance, reinsurance and agency. We will all have access to various experts and disciplines in the Lloyd’s network.”

Lloyd’s Australia was responsible for $2 billion of the market’s £25.3 billion ($50.9 billion) gross written premium in 2014.

The new office will open in Sydney’s O’Connell Street next month.