British insurance giant apologises for role played in slavery ON JUNE 18

British insurance giant apologises for role played in slavery ON JUNE 18, 20205:31 PMIN NEWS Kindly Share This Story:FacebookTwitterEmailWhatsAppPinterestShare British insurance giant Lloyd’s of London apologized for its role in the Atlantic slave trade amid an international uproar over systemic racism. Lloyd’s said it was sorry for propping up the slave industry in the 18th and 19th centuries, which it called “an appalling and shameful period of English history, as well as our own.” The company was a dominant provider of insurance for enslaved people and the ships that transported them. “At Lloyd’s, we understand that we cannot always be proud of our past,” the 334-year-old firm said in a statement. “In acknowledging our own history, we also remain committed to focusing on the actions we can take today to shape our future into one that we can truly be proud to stand by.” ALSO READ: World Environment Day: Lafarge Africa commits to sustainable practices Lloyd’s pledged several actions to make up for its checkered past, including giving financial support to charities promoting inclusion and opportunity for black people and other ethnic minorities. The company said it will also invest in recruiting and retaining people of color, and review its employee policies and “organizational artefacts” to make sure they are “explicitly non-racist.” The move came amid a reckoning with racism and the legacy of slavery following the police killing of George Floyd in Minneapolis, which sparked protests in the US, the UK and other countries. Lloyd’s posted its apology on its website last week, but it wasn’t widely reported until Wednesday. ALSO READ: COVID-19: IFC invests $100m in Nigeria’s Zenith Bank to support SMEs Lloyd’s was one of nine UK companies that benefitted directly or indirectly from the British government’s efforts to compensate slave owners when slavery was abolished in 1833, according to The Telegraph. Simon Fraser, one of Lloyd’s founder subscribers, received the equivalent of nearly 400,000 British pounds to give up a Dominica estate where enslaved people worked, the newspaper reported. Greene King, a British pub chain whose founder also received a hefty payout when abolition took hold, also apologized for its links to slavery in a statement to The Telegraph. “It is inexcusable that one of our founders profited from slavery and argued against its abolition in the 1800s,” Greene King chief executive Nick Mackenzie told the paper. “We don’t have all the answers, so that is why we are taking time to listen and learn from all the voices, including our team members and charity partners, as we strengthen our diversity and inclusion work.” NY Post Vanguard Kindly Share This Story:FacebookTwitterEmailWhatsAppPinterestShare Related Lloyd’s records 16% fall in 2017 Q1 profits LLOYD’S of London has reported a 16 percent fall in profit to £1.22 billion for first half of 2017. However, Lloyd’s also reported a 16 percent increase in gross written premiums, an improved combined ratio, and a 78 percent improvement in the underwriting result, up from £206m last year to… October 23, 2017 Global shipping leaders call for sustainable industry Some of the biggest names in shipping have called on the industry to take far-reaching action to create a maritime sector which is socially and environmentally responsible and profitable. May 19, 2011 Recession: Lloyds threatens blacklist of Nigerian airlines December 13, 2016 All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS. Download Vanguard News App.   Technical Feedback: whatsapp 08023469027   READ our Privacy-policy and cookie policy. READ ALSO: Sometimes, I want her to reduce taking this type of picture -Anita Joseph Vanguard PROMOTED Arthritis or Joint Pain? Doctor Says Do This First Thing Each… Motion free A genius from Nigeria found a way to get rid of parasites forever! Read! Detox Alleged Rape: Fresh facts emerge over 21-yr old Grace Oshiagwu's death Pastor Ituah Ighodalo's wife dead A genius from Nigeria found a way to get rid of parasites forever! Read! Detox Earn $769 Per Day With Amazon Stocks, Invest Only $200, Get A Call Today! Invest Stocks Abacha’s wife fumes, says it’s wrong to lie against his late husband

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