Lloyd’s, the world’s leading marketplace for insurance and reinsurance, has announced it will partner with Sherbro Alliance Partners (SAP) to support economic resilience and growth opportunities on Sherbro Island, Sierra Leone, as part of a landmark sustainable development initiative that aims to put nature and renewable energy at the centre.
Signed on Tuesday, 06 February at Lloyd’s iconic headquarters in London, the Memorandum of Understanding (MOU) signals Lloyd’s intention to leverage its unique convening power to support the sustainable and regional growth aims of the project.
Lloyd’s will also provide access to specialist insurance and risk expertise in the market, with international broking firm Aon and a leading market insurer Tokio Marine Kiln (TMK) as strategic partners.
Constructed upon sustainable principles, Sherbro Island is poised to transform into a vibrant eco-city, seamlessly blending internationally recognized standards with Sierra Leonean history, culture, and traditions. Its objective is to attract global visitors through cutting-edge infrastructure as well as business-friendly regulations, modern services and amenities, positioning itself as a destination for tourism, arts and culture, residency, work, investment, education, recreation, and retirement.
SAP are currently working closely with the Government of Sierra Leone to complete further feasibility studies, which will in turn provide clarification on the insurance needs for Sherbro Island’s renewable energy, eco-tourism and business ambitions.
John Neal, Lloyd’s CEO said: “As chair of the SMI’s Insurance Taskforce, Lloyd’s has a leading role to play in helping bring innovative and regenerative projects to life around the world. Sherbro Alliance Partners’ vision for Sherbro Island is to bring long-term prosperity and growth to the region, while providing access to cutting-edge renewable energy and technology. We look forward to working closely with SAP to help bring this project to life.”
Idris Elba, Co-Founder of Sherbro Alliance Partners said: “This partnership represents a significant milestone in our efforts to make Sherbro Island a reality. Lloyds’s commitment to backing regenerative projects globally positions them as an ideal partner. Together we are at the forefront of pioneering a fresh approach to developing African cities, with a strong focus on sustainable and renewable energy. Lloyd’s support will fuel our growth as we work towards achieving our shared vision of a more sustainable future.”
Siaka Stevens, Co-Founder of Sherbro Alliance Partners said: “Building African cities that prioritise sustainable growth and development requires strong partnerships. By collaborating with Lloyd’s we can harness collective expertise, resources and innovation to create a thriving modern city. Partnerships like these our crucial in shaping Africa’s sustainable development to ensure our cities are not only technologically advanced but also environmentally conscious, socially inclusive and economically vibrant.”