Lloyd’s launches Inclusive Futures coalition to promote BAME leadership

Lloyd’s of London has announced the member firms of its Inclusive Futures Coalition, a programme aimed at helping black and minority ethnic (BAME) individuals advance to the boardroom.

The coalition includes eight market firms – Arch, Axa XL, Beazley, Chubb, Hiscox, Howden, MS Amlin and Tokio Marine Kiln.

These insurers have been joined by delivery partners Equity, Green Park and the Lloyd’s of London Foundation.

The programme, launched in November 2023, has been designed based on feedback from over 250 BAME London market members, alongside experts from the fields of finance, academia and diversity and inclusion.

Inclusive Futures Coalition was launched last year (8 November 2023) after Lloyd’s made a series of announcements that explained the steps it would take to make up for its past history of involvement in the slave trade.

At the time, the market promised to take action to address the inequalities still seen and experienced by BAME individuals in the industry.

A Lloyd’s statement said that it hoped the programme would “deliver meaningful, sustainable change in building a more inclusive marketplace and society”.

Initiatives

The Coalition will also support higher education bursaries starting in September this year, with the Lloyd’s of London Foundation, Cowrie Foundation and Black Heart Foundation offering bursaries to BAME undergraduates in risk and insurance disciplines.

In collaboration with Equity, the coalition will create an early careers talent pool for top-quality BAME candidates, providing pre-assessment, market familiarisation and interview coaching.

Meanwhile, Green Park will manage a board talent pool to prepare BAME candidates for executive roles, with founding partners getting priority access. Market mapping for board succession will begin in June 2024.

Starting in September, Lloyd’s will also launch a mentoring and sponsorship program to connect bursary recipients and early career talent with sponsors from founding member firms.

Junior Garba, chief executive of Equity, said: “Our role in developing the early careers talent pool is crucial in ensuring that the next generation of leaders reflects the rich diversity of our society, bringing fresh perspectives and driving innovation within the industry.”

Raj Tulsiani, chief executive and founder of Green Park, added: “We are delighted to see the commitment from the coalition members to partner with us to sustainably change their ability to attract and retain rare and transformational talent from all backgrounds, based on performance and culture, to company boards.”