LONDON: The Lloyd's of London insurance market is closing its underwriting floor due to a third national lockdown, it said on Tuesday.

British Prime Minister Boris Johnson announced the new lockdown late on Monday, saying a highly contagious new coronavirus variant first identified in Britain was spreading so fast the National Health Service (NHS) risked being overwhelmed within 21 days.

Lloyd's closed its underwriting room for nearly six months following the first lockdown in March, but kept it open for one day a week during a second lockdown in November.

It was unlikely the floor would reopen before mid-February, Lloyd's said in a statement.