*London, 6th February 2024* – 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 today 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 input from international professional services firm Aon and 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 recognised 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.
“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.” John Neal, Lloyd’s CEO
“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.” Idris Elba, Co-Founder of Sherbro Alliance Partners
“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.” Siaka Stevens, Co-Founder of Sherbro Alliance Partners
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Notes to Editors
The MOU is based around the key objectives of:
- Strategically partnering with Sherbro Alliance Partners (SAP) to support economic growth opportunities on Sherbro Island, Sierra Leone.
- Leveraging our convening power to support the sustainable and regional growth of the project, specifically through providing access to specialist insurance and risk expertise from the Lloyd’s market.
- Supporting risk and insurance solutions in a number of areas including renewable energy infrastructure, which clearly aligns with our ambition of being the insurer of the transition.
- SAP are to be an ambassador for the Inclusive Futures Programme and we will in turn, support the initiatives of the Elba Hope Foundation specifically around their mission of fostering transformative, community-led change.