Two executives from Lloyd's of London underwriter Tokio Marine Kiln (TMK) have resigned after allegations of sexual harassment were made.

One was accused of groping colleagues at what was termed by a Bloomberg report as a "booze-fuelled party", while the other was alleged to have stalked a junior employee.

The news comes three months after an investigation by the news agency into the “deep-seated culture of sexual harassment” at Lloyd's which quoted one market insider as describing it as “basically a meat market”.

Lloyd’s responded within weeks by introducing a “modernised” code of conduct that cracked down on drinking and drugs and gave it the power to ban people under their influence from the building.

It also pledged to set up a harassment and bullying hotline to help victims report abuse.

TMK is one of the largest managing agents at Lloyd's.

Lewd remarks

The groping claim includes an allegation that the executive grabbed a colleague’s buttocks, unbuttoned another worker's shirt and made lewd sexual remarks at a party for TMK employees, sources told Bloomberg.

The second executive allegedly sent a stream of unsolicited texts and emails to a woman reporting directly to him.

He continued to ask for dates even after she made her lack of interest clear.

Bloomberg has seen an email written by senior TMK lawyer Ifeanyi Okoh that says: “I have been contacted by several TMK employees and ex-employees who recounted some of the most appalling and shocking details of bullying, intimidation, harassment, victimization, unwanted attention, sexual harassment and racial abuse.

"Sadly, this is part of a longstanding pattern in TMK, one further amplified by systemic intimidation, normalization of harassment and inhibiting reporting.”

TMK spokeswoman Laura Guerin told the agency: “TMK’s priority is to ensure the allegations are investigated thoroughly, independently and confidentially.

Breaches taken seriously

“TMK has clear standards and policies for workplace conduct. Any breach of these will be taken extremely seriously and would not reflect our company values.”

The executive accused of groping was offered the chance to resign and was paid more than £200,000 ($254,000) after denying culpability.

A spokeswoman for Lloyd’s said the company has had ongoing talks with TMK and is “satisfied that they are taking these reports extremely seriously.”

She added Lloyd’s has been very clear on the standard of behaviour expected.

TMK describes itself as a long-standing international leader in the hull insurance market, focusing on river, coastal and older ships, and specialist tonnage.