Insurance of the slave trade
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This weird and unique building you are seeing in front of you is home to the insurance firm, Lloyd’s of London. Using Lloyd’s as a case study we will be assessing this firm’s deep connection with the slave trade and how they are confronting this legacy today.
Lloyd’s of London is one of the world’s biggest insurance firms and insures businesses in over 200 countries and territories. But, how did it establish its international position?
The company’s roots can be traced back to Lloyds coffee house on Tower Street in 1686 before it moved to 16 Lombard Street in 1691. Here, a blue plaque stands in commemoration of the global insurance company’s beginnings. However, no mention is made of its inextricable links to slavery. The coffee house became known as the ideal place to obtain marine insurance by slave traders and soon grew to have a monopoly on maritime insurance related to the slave trade until its abolition in 1807.
Original site of Lloyds of London
During the 2020 Black Lives Matter protests, Lloyd’s issued the following apology:
“We are deeply sorry for the Lloyd’s market’s participation in the transatlantic slave trade. It is part of our shared history that caused enormous suffering and continues to have a negative impact on Black and Minority Ethnic communities today.”
They have also hired an archivist to investigate their collection of 3,000 artefacts to search for links to slavery. Lloyd’s has recognised their deep connection to the slave trade and how the wealth they gained from it has enabled them to be in the position they are today. In response, they have also stated that a third of all new hires will be from ethnic minorities, looking to raise the ethnic diversity in their firm.
Do you think that Lloyd’s of London is responding appropriately to their legacy? Is your firm doing enough to recognise that the legacy of slavery still continues to this day?
Moving from one coffee house to London’s first ever, our next stop on the tour will look at the Jamaica Coffee House (now called the Jamaica Wine House) and explore the informality of much of the trade.