Lloyd's of London to pay for 'shameful' Atlantic slave trade role [View all]

[JudyM]

Source: Reuters

The Lloyd’s of London insurance market has apologised for its “shameful” role in the 18th and 19th Century Atlantic slave trade and pledged to fund opportunities for black and ethnic minority groups. “We are sorry for the role played by the Lloyd’s market in the 18th and 19th Century slave trade - an appalling and shameful period of English history, as well as our own,” Lloyd’s said in a statement on Thursday.

“Recent events have shone a spotlight on the inequality that black people have experienced over many years as a result of systematic and structural racism that has existed in many aspects of society and unleashed difficult conversations that were long overdue,” it added.

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Lloyd’s grew to dominate the shipping insurance market, a key element of Europe’s global scramble for empire, treasure and slaves, who were usually in the 18th Century included in insurance policies in the general rate for ship cargo. Weapons and gunpowder from Europe were swapped for African slaves who were shipped across the Atlantic to the Americas.
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Lloyd’s said it would invest in programmes to attract black and minority ethnic talent, review its artefacts to ensure they were not racist and support charities and organisations promoting opportunity for black and minority ethnic people.


Read more: https://www.reuters.com/article/us-minneapolis-police-protests-lloydsofl/lloyds-of-london-to-pay-for-shameful-atlantic-slave-trade-role-idUSKBN23P0SM

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The awakening is spreading. Whether this is strictly a calculated business decision or genuine executive remorse, it will contribute to the long overdue cultural shift.