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 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
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. 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'Advertisement Information from archives shows several of Lloyd's most senior figures were enslaves themselves and owned plantations in the Americas.
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. 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.
This money will be split between two funds ran by the African Development Bank and the Inter-American Development Bank.
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