The iconic 300-year-old insurance market is believed to be in discussions with as many as three agencies over a strategic comms and corporate PR brief.
Lloyd's currently retains Quiller Consultants to support strategic comms. It is thought the current pitch encompasses Quiller's work but has a wider corporate brand and reputation remit.
A spokeswoman at Lloyd's confirmed it was in discussions with a number of agencies, but declined to provide any further details. Quiller did not comment and it is not known if it is repitching.
One source with knowledge of the process said that the insurance market was looking for an agency to lead its corporate PR from within the UK, calling it a 'high-level pitch' and a 'significant piece of business'.
It is thought seven agencies were contacted for proposals and that has been whittled down to three. One well-placed source said they understood that City agency Brunswick had been in discussions with Lloyd's and was well-positioned in the process.
The same source added there was a feeling within Lloyd's that the brand had not recently been achieving the same level of exposure and coverage as it had in the past.
The agency pitch coincides with property and retail executive John Nelson becoming its new chairman in October, succeeding Peter Levine.
Lloyd's has recovered from a troubled period 20 years ago, when it was hit by heavy losses on its US policies, to re-emerge as one of the City's leading institutions.
However, earlier this year it reported a 43 per cent drop in profit during 2010 after a series of disasters hit the sector, including earthquakes and the BP Gulf of Mexico oil spill.
Lloyd's is a marketplace where insurers come together to underwrite a wide variety of risks. It has become known for specialising in catastrophes and natural disasters, as well as quirky bespoke risks, including insuring dancer Michael Flatley's legs for $47m.