Lloyd's Veterans Charity (LVC) has awarded £850,000 to nine charities working in veterans' mental health and employment. The body was formed in Lloyd's coffee house in 1803 and was formerly known as the Lloyd's Patriotic Fund.
The grants, made under LVC's Tier 1, Tier 2 and Small Grants programmes, bring its total giving since 2010 to £3.86 million across 47 charities.
The largest award, a three-year Tier 1 grant, went to Poppy Factory for employability work. Building Heroes and The Warrior Programme received two-year Tier 2 grants for employability, with The Warrior Programme's grant also covering mental health. Veterans Launchpad and PTSD Resolution received two-year Tier 2 grants for mental health work. High Ground and Veterans Into Logistics received one-year Tier 2 grants for employability, and Grassroots, which runs the Stay Alive app, received a one-year Tier 2 grant for mental health support. Care After Combat received a two-year Small Grant for its mental health work.
LVC chairman Brigadier (Retd) Edward Butler linked the need for support directly to the risks the market prices every day.
"Geopolitical turmoil is a regular topic in our market. When turmoil becomes conflict, military personnel are our front line, both figuratively and literally. That has made the need to provide support to veterans and their families greater now than ever in recent memory," he said.
LVC raises money across the London market with the Lloyd's & City of London Branch of the Royal British Legion and the Lloyd's Military Network. The Corporation of Lloyd's is lead donor, alongside managing agencies, broking firms and market suppliers.
Sir Charles Roxburgh, chairman of Lloyd's, described the charity as "the impeccably trustworthy vehicle through which the Corporation of Lloyd's funnels our support to veterans and their families, as we have done for centuries, in line with our commitment to the Military Covenant."
Benjamin Hancock, chairman of the Royal British Legion branch, said it had worked alongside LVC for a number of years to raise funds through the Lloyd's Slip Campaign, describing the two organisations' work as complementary.
Half of this round's grants target employment, and the London market has its own route for service leavers. The Lloyd's Military Network was established in October 2014 to help service leavers move into insurance. It now has more than 500 members, supported by firms across the London market. Its placement scheme, which typically runs for eight weeks with a participating firm, has placed more than 100 veterans into roles across the industry.
"Businesses within Lloyd's and the wider London market are home to many veterans, many of whom participate in one or more Military networks," said Dom Sweny, chair of the network. He said the network was pleased to support grant-making that helps veterans find work and thrive in the insurance sector.
There is a financial incentive for firms that recruit veterans. Employers pay zero Class 1 National Insurance contributions for the first 12 months of a veteran's first civilian job, on earnings up to £50,270. The relief is available until April 2028 and applies to anyone who has served at least one day in the regular armed forces.
Insurers and brokers also support the armed forces community through the Armed Forces Covenant, the government-backed pledge that those who serve, and their families, should face no disadvantage.
Allianz Insurance received a Bronze award under the Covenant's Employer Recognition Scheme on Armistice Day 2020. Its commitments include working with the Career Transition Partnership to build an employment pathway for service leavers and supporting the Royal British Legion's Poppy Appeal. RSA, now part of Intact Insurance, has also signed the Covenant.
For brokers, the Covenant has practical implications for military clients. Brokers on BIBA's list of Covenant-committed firms have pledged to waive cancellation fees and provide pro-rata rebates when armed forces personnel are posted overseas, and to freeze motor no-claims discounts for up to three years.
Butler urged the wider market to get involved. "I encourage everyone in the London insurance market, whether you have ties to the military or simply wish to express your gratitude to those who have served, to lend us your support," he said.
