The Lloyd’s of London insurance market has made a commitment to promote racial equality amid the outrage that followed the death of George Floyd while being arrested by Minneapolis police in the US.

Recent anti-racism protests in the UK have targeted statues of historic figures with strong association with slavery, and the Lloyd’s insurance market also has its own dark history in that respect. The 332-year-old insurance market was partly built on insuring vessels that served the slave trade.

It has also more recently had to contend with allegations of sexism and sexual harassment.

In a statement Lloyd’s, still the world’s leading market for marine insurance, referenced its history but said its focus now is on shaping the future.

“At Lloyd’s we understand that we cannot always be proud of our past and recognise that we can do more to shape our future into one that we can truly be proud to stand by.” the insurance marketplace said.

Lloyd’s announced a series of initiatives aimed at improving the experience of black and ethnic minorities in the Lloyd’s market.

The company said it would invest in programmes to attract black and ethnic minority talent and ensure that its partner and employee policies are non-racist.

Lloyd’s said it would educate colleagues and research the experience of black and ethnic minority professionals working in the insurance industry.

Its Culture Advisory Group plans to draw up a long-term plan together with black, white and ethnic minority employees. Lloyd’s said it would also support charities working on black and ethnic minority inclusivity.

In the statement Lloyd’s said: "We are grateful to our black and ethnic minority colleagues who have helped to shape our conversations and actions to ensure that we create an environment free from injustice for them and for all. Our commitment is that we will continue to listen and learn as we act and to measure our progress."