Lloyd’s announces members of Inclusive Futures Coalition for more inclusive market and society

Lloyd’s announces members of Inclusive Futures Coalition for more inclusive market and society

Lloyd’s, the world’s leading marketplace for insurance and reinsurance, today announced the members of the Inclusive Futures Coalition: the collective of market firms and delivery partners behind the Inclusive Futures programme of initiatives launched in November 2023.

Inclusive Futures targets meaningful, lasting change by enabling Black and ethnically diverse individuals to participate and progress from the classroom to the boardroom. The initiatives were designed based on the feedback of over 250 Black and ethnically diverse Lloyd’s market colleagues, alongside experts from the fields of finance, academia and D&I.

The Coalition consists of eight market firms and three delivery partners:

• AXA XL
• Arch
• Beazley
• Chubb
• Hiscox
• Howden
• MS Amlin
• TokioMarineKiln
• Equity
• Green Park
• Lloyd’s of London Foundation

The Coalition will fund and enable Inclusive Futures’ three flagship initiatives:

• Higher education bursaries: Starting in September, the Lloyd’s of London Foundation – in partnership with the Cowrie Foundation and Black Heart Foundation – will provide bursaries for hundreds of Black and ethnically diverse students undertaking undergraduate degrees in disciplines aligned to risk and insurance. Applications will open in early summer via lloyds.com.
• Early careers talent pool: The Coalition will work with market diversity firm Equity to create a talent pool of top-quality early careers and entry-level talent from Black and ethnically diverse backgrounds. These individuals will have undertaken pre-assessment, Lloyd's market familiarisation and assessment and interview coaching.
• Board talent pool: Run by specialist headhunters and talent advisory firm Green Park, the talent pool for Board-level candidates will map and equip Black and ethnically diverse candidates to be ready for executive and ‘executive minus one’ roles in the market. Founding partners of the Coalition will have priority access to these candidates alongside executive search consultancy services. Market mapping around five areas of Board succession will begin in June 2024.

These initiatives will be connected to a mentoring & sponsorship programme, launching in September and managed by Lloyd's, to connect bursary recipients and individuals from the early careers talent pool with sponsors from founding member firms. We will provide regular updates on these initiatives to show the impact they are having.

John Neal, CEO of Lloyd’s, said: “Great things happen when our market comes together. So in the task of making our market and society more inclusive: we knew we’d need the full power of the Lloyd’s ecosystem behind us. That’s what the Inclusive Futures Coalition is all about – thoughtful interventions, backed by innovative partners, to create lasting change.”

Junior Garba, CEO of Equity, said: “Equity is honoured to collaborate with Lloyd's and our fellow coalition members to foster a more inclusive and diverse marketplace. By investing in initiatives that support Black and ethnically diverse talent, we are taking concrete steps to ensure diversity is woven into the fabric of our industry. Our role in developing the early careers talent pool is crucial in ensuring that the next generation of leaders reflects the rich diversity of our society, bringing fresh perspectives and driving innovation within the industry.”

Raj Tulsiani, CEO and Founder of Green Park, said: “Green Park is proud to be the executive search delivery partner of the Inclusive Futures initiative, bringing over 17 years of experience changing the face and composition of leadership teams. Our data, insights and experience tell us there is still much work to be done to achieve equity of opportunity at leadership and pipeline level for those from diverse backgrounds, but insurance has rarely been as an attractive industry as it is now.

It’s why we are delighted to see the commitment from the coalition members to partner with us to sustainably change their ability to attract and retain rare and transformational talent from all backgrounds, based on performance and culture, to company boards.”

Hugh Sturgess, CEO of Arch Insurance International, said: “We are proud to be part of this pioneering initiative to attract, retain and develop diverse talent in our industry. Creating more opportunities for people from diverse backgrounds benefits everyone, as it brings together individuals with varied experiences and backgrounds to spark new ideas, improve decision making and ensure we are drawing from the widest talent pools.”

Andrew Carrier, CEO of MS Amlin, said:  “Ethnicity should never be a barrier to success. By widening opportunity from the classroom to the boardroom, we can create a more diverse marketplace, and an industry that is truly representative of the communities we serve, both domestically and internationally. Supporting Inclusive Futures is a cornerstone investment for us, working with our coalition partners to create a better, fairer more representative marketplace.”

For full details of the Inclusive Futures programme visit: https://www.lloyds.com/inclusivefutures