January 23, 2022

Lloyd’s of London will pay for its “infamous” role in the history of the slave trade

Lloyd’s of London apologises for role in slave trade

Lloyd's of London will pay for its 'infamous' role in the history of the slave trade

Lloyd’s of London will pay for its “infamous” role in the history of the slave trade

Largest insurance market Lloyd’s of London has apologized for participating in the Atlantic slave trade in the 18th and 19th centuries and pledged to fund projects for the black community and ethnic minorities.

An estimated 17 million African men, women and children were torn from their homes and traded in the brutal world trade between the 15th and 19th centuries. Many died due to inhuman and merciless conditions of detention.

«We are sorry for the role the Lloyd market has played&# 39; s in the slave trade of the 18th and 19th centuries – a terrible and shameful period in the history of England, as well as our own», – insurers said in a statement on Thursday.

«Recent events have shed light on the inequalities that blacks have faced over the years as a result of the systematic and structural racism that existed in many aspects of society, and unleashed difficult conversations that are long overdue.», – he added.

The world’s leading commercial insurance market Lloyd&# 39; s, originated in a coffee shop Edward Lloyd in 1688, in a place where complex insurance contracts ranging from disaster to cancellation of events were negotiated and signed.

Lloyd&# 39; s began to dominate the maritime insurance market, which was a key element in the global struggle for empire, treasure and slaves in Europe, which in the 18th century were usually included in insurance policies in the total rate for freight.

Weapons and gunpowder from Europe were exchanged for African slaves, who were then sent across the Atlantic Ocean to America.

Those who survived the transportation became slaves on numerous plantations, and the ships then returned to Europe with a full load of sugar, cotton and tobacco..

Although Britain abolished the transatlantic slave trade in 1807, the complete elimination of this terrible practice did not follow for the next generation..

Lloyd&# 39; s stated that it will invest in programs to attract talent from black and ethnic minorities, review its artifacts and cultural heritage to make sure they are not racist, and support charities and organizations that help increase opportunities for blacks and ethnic minorities.

A global reappraisal of history and racism was sparked by the death of May 25 George Floyd, black man who died after being pinned down by a Minneapolis cop  knee his neck for almost nine minutes while detaining him.

On Wednesday, Oxford University College said it wants to remove the statue of the 19th century colonizer. Cecil Rhodes, the object of protests against racism.

And Greene King, who calls herself Britain’s leading owner and brewer, has apologized for the profits one of its original founders made from the slave trade..

«Unforgivable that one of our founders profited from slavery and opposed its abolition in the 1800s», – said CEO Greene King Nick Mackenzie.

Mackenzie added that Greene King will invest in projects that will help Black, Asian and Ethnic Minorities (BAME) and support racial diversity in their businesses..

The history of several other UK financial companies, including Barclays, is also under scrutiny..

The bank was named after David Barclay, Quaker, who campaigned actively against slavery in the late 18th century, but later acquired institutions associated with the slave trade, including the Colonial Bank in 1918 and Martins Bank in 1969.

«We cannot change what came before us, just how we move on», – said a Barclays spokesman.

«As a bank, we strive to do more to further develop our culture of inclusiveness, equality and diversity for our peers and the customers and clients we serve.».

The City of London Corporation has established an Anti-Racism Working Group, which she says will seek to promote economic, educational and social inclusion in the City of London and shape the future of statues and monuments..