Lloyd’s announces it will pay £52million in slavery reparations
An image from inside Lloyd's of London
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Lloyd’s of London has announced it will pay a whopping £52million in equality initiatives as the world’s largest insurance market recognises the “significant role” it played in the transatlantic slave trade.
The 355-year-old insurance firm, located in the heart of London, unveiled plans to support black and other minority ethnic people in work and education on Wednesday.
Lloyd’s decided to pump millions into its equality programmes after new research revealed the company’s historical links to slavery.
The company underwrote enslaved people as part of a ship’s cargo and previously described the period as “shameful”.
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Lloyd’s which was founded in a coffee shop near the River Thames in the 17th century, also apologised for its “inexcusable” part back in 2020.
An estimated 3.2 million enslaved African people were transported by Britain’s shipping industry.
But Lloyd’s has resisted calls to pay direct reparations to the descendants of slaves after arguing lack of documentation made it “impossible” to identify wronged individuals.
Research conducted by John Hopkins University revealed the capital played a “significant role” in enabling the slave trade between the 17th and 19th centuries.
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City workers walk past the Lloyds building in the financial district, also known as the Square Mile, on January 20, 2017
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It also found many individuals working in the insurance marketplace used their own expertise and influence to develop and defend the slavery system.
Documents kept in archives even showed several senior figures at Lloyd’s were enslavers themselves and absentee owners of slave plantations.
Lloyd’s chairman Bruce Carnegie-Brown said: “I don’t think we can undo the wrongs of the past, but we can take action to address the impacts which are still seen today.
“And racial inequality is one of those impacts in UK society and around the world.”
Bruce Carnegie-Brown
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Lloyd’s culture chief Mark Lomas added: “We’re aware that no one can properly atone for the past.
“But what we have done is set out a framework that we believe will make sustainable change over a long term period.”
The insurance marketplace will spend around £12million supporting the careers of black and ethnically diverse people in insurance.
An additional £40million is being invested to boost growth within communities affected by historical enslavement.
The pot will be split between the African Development Bank and the Inter-American Development Bank.