Lloyd’s Register, a prominent maritime and industrial group, has issued an apology acknowledging its historical involvement in the transatlantic slave trade.

This apology follows commissioned research into the company's past links to slavery, which highlights the interconnectedness of the maritime and insurance sectors in the broader context of British global financial expansion during the 18th and 19th centuries.

Founded in 1760 as the Society for the Registry of Shipping at Lloyd’s Coffee House on Londombard Street in London, Lloyd’s Register was engaged in evaluating the seaworthiness of ships used in trade.

Recent findings by the Wilberforce Institute at the University of Hull, examining records from 1764 to 1834, revealed that some early committee members of the registry were directly involved in slave trading activities.

Specifically, at least six of its committee members were identified as enslavers, while another six were involved in the trafficking of enslaved African people.

Lloyd's Register CEO, speaking on behalf of the organization, expressed regret over the company's historical role in supporting a maritime system that facilitated the slave economy from its founding until the Slavery Abolition Act of 1833. The organization has announced a £1 million grant to the National Archives to support a project aimed at cataloguing and sharing historical records.

It has also pledged to enhance research initiatives surrounding the history of enslavement by working with the International Slavery Museum in Liverpool, aiding descendant communities in exploring their past.

Lloyd’s Register is owned by the Lloyd's Register Foundation, which reported an income of £560 million in 2023. This foundation remains separate from Lloyd’s of London, another entity with historical ties to the slave trade but emerged from the same coffee house origins.

In its own statement, Lloyd’s Register acknowledged Britain's significant role in the transatlantic slave trade, referencing historical records that suggest British ships were responsible for forcibly transporting approximately 3.4 million enslaved African people, with about 800,000 perishing during the voyages.

The organization recognizes the calls for a more comprehensive examination of its historical role, as advocates like Laurence Westgaph of the Liverpool Black History Research Group suggest that the scope of the research should be expanded beyond 1834 to address the enduring economic impacts post-abolition.

Lloyd’s Register has indicated its awareness of the need for ongoing research into this facet of its history, acknowledging that the practice of slavery extended far beyond the official abolition within the British Empire.