Lloyd’s launched the Inclusive Futures Coalition, a group of market firms and delivery partners leading the Inclusive Futures program, initiated in November 2023.
Dubbed “Inclusive Futures”, the programme is a direct response to research conducted by Black Beyond Data, an initiative affiliated with Johns Hopkins University.
The research delves into Lloyd’s historical connections to the transatlantic slave trade, presenting a nuanced perspective through an interactive digital exhibit titled “Underwriting Souls.”
The programme, backed by a coalition of Lloyd’s market firms, has been shaped in consultation with Black experts and diverse colleagues across our market in order to deliver meaningful, sustainable change towards a more inclusive marketplace and society.
This program, shaped by feedback from over 250 colleagues and experts in finance, academia, and diversity and inclusion, seeks lasting change.
The Coalition includes eight market firms: Arch, AXA XL, Beazley, Chubb, Hiscox, Howden, MS Amlin, and Tokio Marine Kiln; and three delivery partners: Equity, Green Park, and the Lloyd’s of London Foundation.
Inclusive Futures Coalition funds and supports three key initiatives
- Higher education bursaries: Starting September 2024, in partnership with the Cowrie Foundation and Black Heart Foundation, bursaries will be provided for Black and ethnically diverse students in risk and insurance disciplines. Applications open in early summer 2024 via lloyds.com.
- Early careers talent pool: Equity will help create a talent pool of entry-level talent from Black and ethnically diverse backgrounds, providing pre-assessment, market familiarization, and interview coaching.
- Board talent pool: Managed by Green Park, this pool prepares Black and ethnically diverse candidates for executive roles. Founding partners get priority access and executive search consultancy services. Market mapping began in June 2024.
A mentoring and sponsorship program will launch in September 2024, connecting bursary recipients and early careers talent with sponsors from founding member firms. Lloyd’s will regularly update on these initiatives.
Lloyd’s launched Inclusive Futures to make our market and society more inclusive. We are expanding our ambition by launching the Inclusive Futures Coalition to deliver lasting change
Bruce Carnegie-Brown, Chairman of Lloyd’s
Junior Garba, CEO of Equity, added: “Equity is honored to collaborate with Lloyd’s and coalition members to foster a more inclusive marketplace. By investing in initiatives for Black and ethnically diverse talent, we ensure diversity drives innovation in our industry.”
Raj Tulsiani, CEO of Green Park, stated: “Green Park is proud to be the executive search partner of Inclusive Futures. Our experience shows much work remains to achieve equity at leadership levels, but insurance is now an attractive industry. We are committed to attracting and retaining diverse talent based on performance and culture.”
Hugh Sturgess, CEO of Arch Insurance International, said: “This initiative benefits everyone by bringing together individuals with varied experiences to spark new ideas and improve decision making.”
Andrew Carrier, CEO of MS Amlin, added: “Ethnicity should never be a barrier to success. By widening opportunities from the classroom to the boardroom, we create a diverse marketplace that represents our communities. Supporting Inclusive Futures is key to creating a fairer marketplace.”
by Yana Keller
