Lloyd’s Research Report

Posted 10/11/2023 – Quick takes

Lloyd’s recently released a research report conducted by Black Beyond Data at the John Hopkins University. The report unsurprisingly concluded that the Lloyd’s market had direct links to the transatlantic slave trade as Dr White noted ‘the rise of modern finance… intertwines with slavery’.


Bruce Carnegie-Brown, Chairman of Lloyd’s commented, “We’re deeply sorry for this period of our history and the enormous suffering caused to individuals and communities both then and today. We’re resolved to take action by addressing the inequalities still seen and experienced by black and ethnically diverse individuals: which is why we’ve launched Inclusive Futures, a comprehensive programme of initiatives to help these individuals and communities progress from the classroom to the boardroom.”


The £12m Inclusive Futures initiative will help to promote education for ethnic minority students in the form of bursaries and also help to improve the recruitment of ethnic minority candidates to increase the diversity of the Lloyd’s market. This will include work on recruitment, research, investments to charitable giving and more.


Further to the programme, Lloyd’s is also setting aside $50m for impact investing into bonds issued by the African Development Bank (ADB) and Inter-American Development Bank (IADB) via the Central Fund. ADB and IADB are highly rated, regional supranational institutions investing in, amongst other things, infrastructure programmes in Africa and Latin America.

Alpha comment

Lloyd’s commissioned this report following criticism on the market’s past activities. Although we cannot change the past, the Inclusive Future programme along with the $50m investment makes the intention clear to improve the diversity of the market and help improve the lives of those in the third world. The Central Fund is a key backstop for the Lloyd’s market in terms of its credit security and reputation. The investments are both rated AAA which shows Lloyd’s is keen to help improve Less Economically Developed Countries (LEDCs) but not at the expense of its overall solvency.

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