We want the Lloyd’s market to be a place where everyone feels welcome and can see a future for themselves.
A place where everyone feels welcome
1 in 3 hiring ambition
In June 2020 we committed to taking meaningful and measurable action to help improve the experience of Black, Asian and Minority Ethnic talent in the Lloyd’s market.
Lloyd’s has set an ambition that 1 in 3 hires across the Lloyd’s market and the Corporation will come from ethnic minority backgrounds. We monitor progress both in the Corporation and the market against this ambition.
Progress update on our Long Term Ethnicity Plan
We continue to make progress against our plan, but we have more to do.
Lloyd’s Accelerate Programme
The Accelerate programme aims to improve the pipeline of ethnic minority future talent within the Corporation and the market, through a modular based development programme targeted at individuals identified as future talent. For participants it aims to build the skills, relationships and confidence to help them effectively manage their future careers.
Launching our holistic Culture Strategy to inform further progress.
A goal of 35% female representation in leadership positions by December 2023
Lloyd’s is committed to creating gender equality at all levels across the Corporation, as well as working with stakeholders to achieve the same in the market. We also aim to radically improve the experience of women working in Lloyd’s. The outcome will be an insurance industry that better represents our customers, has more equality at all levels within organisations, and significant progress on closing the gender pay gap.
In the Corporation we have taken focused and deliberate action and have achieved gender parity and are a better organisation for it.
To improve gender balance in leadership roles across the market, we have set a set a short-term target of 35% female representation in leadership positions (Board, Executive Committee and Direct Reports of Executive Committee) by December 2023. New market entrants are expected to meet these expectations on arrival. This sits alongside a medium-term ambition for parity over the next decade.
There is an expectation that by the end of 2023 there will be no firms without female representation in their Board and Executive tier combined.
Our latest Culture Dashboard shows we have made incremental progress towards our target, with 30% women in leadership positions. Female representation on Boards is 19%, up 7pp since 2020, on Executive Committees is 24%, up 6pp from 2020, and Direct Reports of the Executive Committee is 32% up 1pp from 2021 but down 1pp from 2020.
Each firm has a different baseline and will therefore contribute differently to the market target. In 2021, 63% of firms increased the proportion of women in leadership, and 18 firms (26%) have met or exceeded the 35% women in leadership target.
We know these targets are achievable, and we know that each firm will have a different starting point.
But it can be done, with progress requiring market-wide commitment to action over time.
Lloyd’s Advance Programme
Aligned with the Lloyd’s Leadership Profile, the Advance programme, supports participants to develop the personal attributes, capabilities and networks required to advance their careers as future leaders. It does this through a modular based development programme, with elements targeted specifically at women with future leadership potential.
Lloyd’s is proud to support our LGBTQ+ colleagues.
LGBTQ+ mentoring programme
As part of our drive to build inclusive work cultures, we launched a pilot LGBTQ+ mentoring programme for those in the Corporation and Lloyd’s market. This mentoring programme seeks to support and develop our LGBTQ+ talent – helping individuals find the tools and advice they need to develop their careers within Lloyd’s and the wider market.