Lloyd’s in new attempt to clamp down on bad behaviour

The Lloyd’s of London insurance market is overhauling the way it tackles misconduct such as sexual harassment and being drunk on the job in a fresh push to clamp down on bad behaviour.
Lloyd’s said on Thursday that it planned to “modernise its approach to dealing with poor conduct and behaviours” in the market, which it oversees and is the largest of its kind in the world.
Its revamp includes clearer definitions of what constitutes misconduct, encompassing everything from creating false documents and misappropriating money to harassment and bullying. It also covers carrying out Lloyd’s business while under the influence of alcohol “where it leads to unprofessional behaviour or behaviour that risks bringing the Lloyd’s name into disrepute”. There are also changes to the way Lloyd’s will deal with incidents.
It is the latest move by the Lloyd’s to improve standards in its marketplace after it became embroiled in a scandal over sexual harassment five years ago. This prompted a push by John Neal, its chief executive, to try to stamp out misconduct and improve the culture of the market.
Lloyd’s can trace its roots to the 17th century and it sits at the centre of the global insurance and reinsurance industries. The market is made up of underwriting and broking firms and it writes business covering everything from natural disasters, cyberattacks and terrorism to fine art and shipping.
It has long drawn scrutiny for the poor behaviour of some of its participants, with Inga Beale, who was its first female and openly bisexual chief executive, revealing she received sexist and homophobic abuse after she was appointed to run Lloyd’s in 2014. She was succeeded by Neal in 2018.
• Lloyd’s hired barristers to investigate bullying claims
In 2022, Lloyd’s fined Atrium Underwriters £1 million for a series of failings, including mishandling bullying by one of its employees and for sanctioning an annual “Boys’ Night Out”, when some male staff members “engaged in unprofessional and inappropriate conduct, including initiation games, heavy drinking and making inappropriate and sexualised comments about female colleagues”.
Lloyd’s said on Thursday that it was reforming the way it tackles inappropriate behaviour because “our current processes for dealing with issues of poor conduct can be unclear and may cut across firms’ own intervention processes”.