Lloyd’s of London has pledged to invest over £50m in a host of global development projects as the insurance marketplace looks to address its historic role in the transatlantic slave trade.
Three year’s ago Lloyd’s issued an apology for its role in the 18th and 19th century transatlantic slave trade, calling it an “appalling and shameful” era in the marketplace’s history.
At the time, the insurer said it would look at funding charities and organisations created to promote opportunities for black and ethnic minority groups.
In a statement today it announced its ‘Inclusive Futures’ programme, which aims to back initiatives to help black and ethnic minority individuals and communities “participate and progress from the classroom to the boardroom”.
The pledge includes $50m (c. £40m) of impact investments into global communities plus a further £12m of investment in other related projects.
The programme responds to research conducted by Black Beyond Data, based at Johns Hopkins University, which explored Lloyd’s historical links to the transatlantic slave trade, which is shown at an exhibit called Underwriting Souls.
Bruce Carnegie-Brown, chairman of Lloyd’s, said: “We’re deeply sorry for this period of our history and the enormous suffering caused to individuals and communities both then and today.
“We’re resolved to take action by addressing the inequalities still seen and experienced by black and ethnically diverse individuals, which is why we’ve launched Inclusive Futures.”