Lloyd’s, the renowned insurance and reinsurance marketplace, has announced the establishment of the Inclusive Futures Coalition. This new coalition, consisting of eight market firms and three delivery partners, aims to enhance the participation and progression of Black and ethnically diverse individuals from educational stages to executive positions within the industry.
The coalition’s members include prominent firms such as Arch, AXA XL, Beazley, Chubb, Hiscox, Howden, MS Amlin, and Tokio Marine Kiln. The delivery partners include Equity, Green Park, and the Lloyd’s of London Foundation, each bringing unique expertise to support the coalition’s objectives.
A key initiative of the coalition is the provision of bursaries for Black and ethnically diverse students. Starting in September 2024, the Lloyd’s of London Foundation, in collaboration with the Cowrie Foundation and Black Heart Foundation, will offer financial support to students pursuing degrees in risk and insurance-related fields. Applications for these bursaries will open in the early summer of 2024.
Equity will play a crucial role in creating a talent pool of high-quality early career candidates from diverse backgrounds. This will involve pre-assessment, market familiarisation, and interview coaching to prepare candidates for successful careers in the insurance sector.
Green Park will focus on developing a pool of board-level candidates, preparing them for executive roles within the industry. Founding coalition members will have priority access to these candidates and the executive search consultancy services provided by Green Park.
To further support these initiatives, a mentoring and sponsorship programme will be launched in September 2024. This programme will connect bursary recipients and early career talent with sponsors from the coalition’s member firms, fostering a supportive network to guide and advance their careers.
The Inclusive Futures Coalition represents a significant step towards promoting diversity and inclusion within the insurance industry, reflecting Lloyd’s commitment to creating a more equitable and representative marketplace.
