Lloyd's of London Takes Action: $65 Million Investment After Slavery Report
Lloyd's of London will invest £40 million ($49.6 million) in regions affected by the transatlantic slave trade and spend £12 million on improving recruitment and progression for Black and other ethnic minority employees in the commercial insurance market. The move comes after a report revealed Lloyd's strong links to the slave trade. The company will invest $25 million each in bonds administered by the African Development Bank and the Inter-American Development Bank to support the UN Sustainable Development Goal of "reduced inequality." Lloyd's aims to increase the proportion of ethnic minority new hires to one in three, up from 17% in 2022. Historians estimate that between one and two-thirds of the British marine insurance market in the 18th century was based on the slave trade.
