Lloyd’s, the world’s oldest insurance and reinsurance marketplace, has partnered with Sherbro Alliance Partners (SAP) to support economic resilience and growth opportunities on Sherbro Island, Sierra Leone. The partnership was cemented by the signing of a Memorandum of Understanding (MOU) at the Lloyd’s iconic headquarters in London.
This signals Lloyd’s intention to leverage its unique convening power to support the sustainable and regional growth aims of the project, while the strategic partnership is part of a landmark sustainable development initiative that aims to put nature and renewable energy at the centre.
John Neal, Lloyd’s Chief Executive Officer, commented, “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.”
Lloyd’s will provide access to specialist insurance and risk expertise in the market, with input from global brokerage Aon and market insurer Tokio Marine Kiln as strategic partners.
Sherbro Island is constructed upon sustainable principles, while being poised to transform into a vibrant eco-city, seamlessly blending internationally recognised standards with Sierra Leonean history, culture, and traditions.
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.
Idris Elba, Co-Founder of Sherbro Alliance Partners, added, “This partnership represents a significant milestone in our efforts to make Sherbro Island a reality. Lloyd’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, concluded, “Building a new city that prioritises 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 metropolis.
“Partnerships like these are 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.”
