Lloyd’s hits gender target but work remains to reach ethnicity goals

Lloyd’s has revealed that 21% of new hires across the market last year were from diverse ethnic backgrounds, an increase of four percentage points but still outside the one-in-three target set in 2021. Figures were higher for graduate and apprentice recruitment, with 27% of these hires from ethnically diverse backgrounds.

Ethnic representation across the market now stands at 13%, up two percentage points over 2022, while ethnic representation in leadership roles remained unchanged at 9%.

Publishing its fifth diversity disclosure under its Market Policies and Practices return, Lloyd’s said it met its gender target of 35% of women in leadership roles by 2023, an increase of three points on 2022 and up six points since the target was set in 2020. Across the market, 45% of firms met or exceeded the 35% target, up ten points since 2022.

Women now make up 25% of boards, up three points, 28% of executive committees and 36% of direct reports to executive committees. Across the Lloyd’s total market workforce of 57,000, women account for 43.4% and 46% of new hires were female.

Sara Gomez, Lloyd’s chief people officer, said there is more work to do to improve the culture of the Lloyd’s market.

“Today’s update shows that the steps we’ve taken to improve the culture in our market – from our oversight framework to our upskilling programme and our public targets – are working.

“While we’ve hit our short-term target for 35% of leadership positions to be filled by women, and the market continues to make progress on representation of diverse groups, we still have a way to go on our culture journey. We will continue to support the market so that Lloyd’s is a destination of choice for global talent, and attracts the best and brightest minds, wherever they come from.”

Lloyd’s launched a programme of Inclusive Futures initiatives to progress ethnic diversity in the market last November. This came after a report acknowledged the market’s role in enabling the transatlantic slave trade, for which Lloyd’s issued an apology. Under the programmes, the market will foster diversity in early career talent pools through outreach initiatives, including investment in education as well as workplace schemes, while fostering talent for boardroom appointments through mentoring and sponsorship programmes.

Lloyd’s said 71% of firms in the market are working with partners to conduct outreach programmes, an increase of 12 percentage points, to attract talent to underrepresented areas, including underwriting, and remove bias in recruitment processes.

The annual publication, which comprises data collected from all 55 managing agents and 13 of 14 Lloyd’s brokers, also found an increase in wider inclusivity policies. Menopause support is in place at 54% of firms, up 23 points, and drugs and alcohol policies have been adopted by 97% of firms, up 13 points.

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