By Joseph Lyons
Lloyd’s of London reportedly does not plan to offer direct financial compensation for its role in the slave trade.
People familiar with the matter told the Financial Times that the company overseeing the insurance marketplace previously held internal discussions questioning whether it should pay direct compensation.
One of the sticking points outlined was the problem of identifying who would be paid.
In 2020, Lloyd’s issued an apology for its role in the 18th and 19th century transatlantic slave trade, calling it an “appalling and shameful” era. The Bank of England also apologised three years ago, vowing to remove all statues and paintings of them from its City headquarters.
It went on the say that it would fund charities and organisations created to promote opportunities for black and ethnic minority groups.
The marketplace has undertaken a research collaboration with Johns Hopkins University, Maryland, to understand the role of insurance in the transatlantic slave trade.
A report is expected to be released next month that will address its role in the trade and explain how it is funding diversity initiatives, but is not planning on offering financial compensation to descendants, according to the FT’s report.
It was reported last month that Caribbean nations and national reparations commissions in the region will approach Lloyd’s with demands of financial payments for their historic role in the slave trade.
Lloyd’s had not responded to City A.M. at the time this article was published but previously said its participation caused “enormous suffering and continues to have a negative impact on Black and ethically diverse communities today”.
