Lloyd’s invests to boost ethnic diversity following slave trade report

Lloyd’s has launched a programme of initiatives to foster the careers of more Black and ethnically diverse talent in the London insurance market following the publication of a report into Lloyd’s historical links to slavery.

The report, Black Beyond Data, independently funded by the Mellon Foundation and conducted by researchers at Johns Hopkins University, establishes Lloyd’s “significant” role in enabling the transatlantic slave trade. Chairman of Lloyd’s Bruce Carnegie-Brown apologised for the market’s historical involvement.

“We’re deeply sorry for this period of our history and the enormous suffering caused to individuals and communities both then and today,” he said.

Carnegie-Brown said the launch of its Inclusive Futures programme would address inequalities still seen and experienced by Black and ethnically diverse people, with investment in both education and workplace initiatives.

Under the programme, Lloyd’s will invest a reported £12m in education bursaries and teaching in schools using material from Black Beyond Data. Investment will also be directed at fostering Black and ethnically diverse talent to access careers in insurance; Lloyd’s wants one in three hires to be from diverse backgrounds.

Lloyd’s said it will put in place an early careers talent pool to bring “thousands more” Black and ethnically diverse professionals to the insurance market. This will be followed with a board-level pool of talent from Black and ethnically diverse candidates to advance careers alongside a mentoring and sponsorship programme.

Investments will also be made in funds aligned to the UN Sustainable Development Goal of reducing inequality for regions most affected by historical slavery, Lloyd’s said. Reuters reported that a figure of £40m will be invested between bonds administered by the African Development Bank and the Inter-American Development Bank.

In addition, it will begin research to explore protection gaps and potential risk solutions for regions most affected by historical enslavement.

“We know we can’t undo the past, but we can do something about the inequalities we see today. Inclusive Futures is just a starting point, and the proof will be in the impact it has – but we believe these interventions will make lasting, sustainable change in how the Lloyd’s market looks and feels for generations to come,” said Mark Lomas, head of culture at Lloyd’s.

An interactive, digital exhibit – Underwriting Souls – has evolved from the Johns Hopkins University’s research, featuring records and other items from Lloyd’s collections.

“The collection of Lloyd’s pertaining to the transatlantic slave trade is a critically important historical resource for understanding the histories of the slave trade and economy. Such records are scant and limited, and to our knowledge, some of these materials are likely the only of their kind,” said Dr Alexandre White, assistant professor, Black Beyond Data.

“These materials also shed light on the ways that slavery and the slave trade shaped the City of London. Through our collaboration with Lloyd’s, we have ensured these materials are accessible and visible to all, alongside educational resources, in a way that is transparent, ethical and maintains both financial and editorial independence,” he said.