Lloyd’s boss on marketplace’s need to apologise for role in transatlantic slave trade

Lloyd’s of London chief executive John Neal has said the marketplace needs to understand and apologise for its role in the transatlantic slave trade.

In November 2023, Lloyd’s said that research from Black Beyond Data showed the marketplace ”played a significant role” in the trade and formed ”part of a sophisticated network of financial interests and activities that made these activities possible”.

Speaking during a panel session at the 2024 Dive In Festival, called A Sustainable Future: The Next 10 Years, Neal reflected on Lloyd’s 300 year history and the findings.

He explained: “One of the disadvantages of being in situ for around 300 years is that we have generally offended most people at some point in our history and we do this with no pride.

“The right thing for us to do is to understand and to apologise, but also to think forward. What can we do now and what should we do going forward?”

New initiative

One initiative Lloyd’s launched in response was Inclusive Futures, which aims to help black and ethnically diverse individuals progress in their careers.

This was shaped in consultation with black experts and ethnically diverse colleagues across the Lloyd’s market.

Neal said: “Our goal is to demonstrate how we can guide thousands of individuals along this journey. We set an early ambition – colleagues from ethnic backgrounds should represent one in three hires, while currently, it’s one in four.

“We are making progress. I believe Inclusive Futures will be a true bellwether for supporting individuals throughout their careers, not just at a single point in time.”