Lloyd’s of London to pay over £40m in slavery reparations
Lloyd’s of London has pledged to pay over £40 million in reparations to address its historic involvement in the transatlantic slave trade, after its links to slavery were revealed.
The insurance and reinsurance group committed to make reparations payments in a statement on Wednesday, after a report by researchers at John Hopkins University showed that it was among financial institutions that had facilitated the slave trade.
Research published by Black Beyond Data at the university showed the insurer had enabled the foundations of the slave trade, after its investigation showed Lloyd’s had underwritten insurance policies for slave ships.
Joseph Marryat, who was chairman of Lloyd’s of London in the early 1800s, was also a slave owner.
Lloyd’s of London pledged to split £40 million (US$50 million) between two bonds run by the African Development Bank and the Inter-American Development Bank, respectively, that are targeted towards helping to reduce inequality.
The insurer said it will also invest £12 million in providing university bursaries for black students and finance an initiative to help improve career progression for black and ethnic minority employees working in the insurance sector.