Eight companies will make up the Lloyd’s Inclusive Futures Coalition, which will promote opportunities for black and ethnically diverse graduates, and manage higher education bursaries and early-career and board talent pools.

Arch, Axa, Beazley, Chubb, Hiscox, Howden, MS Amlin and Tokio Marine Kiln are members, while Equity, Green Park and the Lloyd’s of London Foundation are delivery partners.

From September, bursaries will be provided for hundreds of ethnically diverse students undertaking degrees in disciplines aligned to risk and insurance.

Diversity group Equity will run a talent pool for early-career and entry-level candidates, while specialist headhunter and talent advisory firm Green Park will run one for board-level professionals. 

The initiatives will be connected to a mentoring and sponsorship program.

“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,” Equity CEO Junior Garba said.

Green Park CEO Raj Tulsiani says there is still much work to be done to achieve equity of opportunity at leadership and pipeline level.

“Insurance has rarely been as attractive an industry as it is now. We are delighted to see the commitment from the coalition members partnering with us to sustainably attract and retain transformational talent from all backgrounds, based on performance and culture, to company boards. 

The Inclusive Futures program was launched in November and targets “meaningful, lasting change” by enabling black and ethnically diverse people to progress “from the classroom to the boardroom”. 

Initiatives were designed based on feedback from more than 250 ethnically diverse Lloyd’s market colleagues.

“Ethnicity should never be a barrier to success,” MS Amlin CEO Andrew Carrier said. “By widening opportunity ... we can create a more diverse marketplace, and an industry that is truly representative of the communities we serve.”