Lloyd’s of London will pay £52million over historical slavery links – but will not give cash directly to descendants of slaves

• Lloyd’s of London has announced it will pay £52million to anti-racism initiatives
• The insurance group previously apologised in 2020 over its links to slave trade 

Lloyd’s of London will pay £52million to charities in recognition of its historical links to the slave trade – but it will not pay reparations directly to the descendants of slaves.

Lloyd’s today announced its plans to support black people and other ethnic minorities through higher education and career mentoring, just as research into its past links with slavery was published.

However the world’s biggest insurance market has not given into demands to pay monies directly to slaves’ descendants, arguing it is ‘impossible’ to identify everyone affected, The Telegraph reports.

The London marketplace’s pivotal role in the slave trade between the 17th and 19th centuries was unearthed by historians at John Hopkins University in the US.

The university’s findings, which were published today, found that many of London’s most powerful insurance salesmen used their knowledge to build up the slave trade and defend it against detractors.

Lloyd’s of London will pay £52million to charities in recognition of its historical links to the slave trade – but it will not pay reparations directly to the descendants of slaves (Pictured: Lloyd’s corporate building in the City of London)

Bruce Carnegie-Brown, chairman of Lloyd’s, 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’

READ MORE: THE GUARDIAN ISSUES AN APOLOGY OVER ITS FOUNDER’S LINKS TO THE SLAVE TRADE 

Information from archives shows several of Lloyd’s most senior figures were enslaves themselves and owned plantations in the Americas.

The research was financed by arts and humanities charity the Mellon Foundation.

Bruce Carnegie-Brown, chairman of Lloyd’s, 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.’

Regarding the prospect of reparations, Mr Carnegie Brown said: ‘The documentation is extremely fragmented and so it is impossible to aggregate it into a number or even a range of numbers.’

 In 2020, Lloyd’s apologised for its part in the Atlantic slave trade – calling it an ‘appalling and shameful period of English history, as well as our own’.

Today marked the first day Lloyd’s revealed the substance of its funding promises, which include spending £12million on initiatives supporting the careers of black and ethnically diverse people in insurance.

One of these is a programme of diversity initiatives over the next ten years called Inclusive Futures.

This entails early career support schemes and plans to recruit thousands of Black and ethnically diverse individuals into the insurance industry.

Lloyd’s also intends to set up a mentoring programme to help individuals climb the career ladder to boardroom positions, as well as university bursaries for black and ethnic minority students.

Mr Carnegie-Brown added that the purpose of these schemes was to create the ‘the same opportunities as certainly I had coming into the world of finance, the City and insurance’.

Elsewhere, the group will spend $50m (£40.8m) to boost growth among social groups who have been impacted by historical enslavement. 

This money will be split between two funds ran by the African Development Bank and the Inter-American Development Bank.

Lloyd’s grew out of Edward Lloyd’s 17th century coffee house in London which was an important meeting place for ship owners, captains and merchants and became the place to obtain marine insurance.

Lloyd’s has expanded from marine insurance and today provides cover for specialist risks such as cyber, space, aviation and energy insurance for brokers and customers around the world.

Mark Lomas, head of culture at Lloyd’s, 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.’

Source: Read Full Article