Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Two top UK companies, including insurance giant Lloyd’s of London, to cough up reparations for slave trade

Two top UK companies, including insurance giant Lloyd’s of London, to cough up reparations for slave trade

Nine large businesses in the UK benefited from government compensation paid to slave owners when the trade in human beings was prohibited. Two of them have agreed to pay reparations since their history was exposed.
Pub chain Greene King and insurance marketplace Lloyd’s of London, which are among the largest players in their respective industries, have pledged to pay large sums of money to black, Asian and minority ethnic (BAME) communities. The decision comes after their historic ties to the slave trade were brought to public attention by an academic database.

The pair are among nine large businesses in Britain, which can trace part of their capital to slave ownership, according to a database compiled by University College London (UCL). In all nine cases, some of the firms’ wealth originates from compensation paid by the British government to Britons who had to surrender ownership of slaves after the practice was outlawed in 1833. The database lists some 47,000 people. The connection with modern firms was first reported by the Telegraph newspaper.

Greene King founder, Benjamin Greene, received nearly £500,000 ($625,000) in today’s money as compensation for three plantations in the West Indies, according to the database. Slave owner compensation was also paid to Simon Fraser, a founding subscriber of Lloyd’s, who received nearly £400,000 ($500,000) in today’s money to surrender an estate in Dominica.

“It is inexcusable that one of our founders profited from slavery and argued against its abolition in the 1800s,” Greene King Chief Executive Nick Mackenzie told the newspaper.

He pledged to make a “substantial investment to benefit the BAME community and support our race diversity.”

A Lloyd’s spokesman also apologized for the role the company played in the 18th and 19th century slave trade, calling it “an appalling and shameful period of English history, as well as our own.” The firm pledged financial backing “to charities and organizations promoting opportunity and inclusion for black and minority ethnic groups.”

Other companies on the list include RSA Insurance, the shipping company P&O, and financial giants Royal Bank of Scotland (RBS), Danske Bank, Lloyds Banking Group, Barclays, and HSBC. RBS hinted that it may join Greene King and Lloyd’s in making donations to BAME causes.

The news comes amid a heated debate in Britain over its colonial past and involvement in the transatlantic slave trade, which was sparked by mass protests against racism and police brutality in the United States.

The wave of public outrage was unleashed by the on-camera killing of a black man, George Floyd, during an arrest by white police officers.

Following similar examples in the US, the wave of protests in the UK invigorated calls to re-examine the country’s history and dispose of monuments to people who the protesters deem too controversial to be honored in this way today. Among the targeted historical figures are slave trader Edward Colston, Prime Minister Winston Churchill, Queen Victoria, and King Robert the Bruce of Scotland. However, some of the rage seemingly missed the point as there have been also calls to get rid of the statue of Earl Grey, a former prime minister who actually oversaw the abolition of slavery.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
×