Lloyd's partnered with SAP to contribute to economic resilience

Lloyd’s of London, the insurance and reinsurance marketplace, has entered into a partnership with Sherbro Alliance Partners (SAP) to contribute to economic resilience and identify growth opportunities in Sherbro Island, Sierra Leone.

This collaboration was formalized through the signing of a Memorandum of Understanding at Lloyd’s headquarters in London, marking a commitment from both parties to support the sustainable development and regional growth of Sherbro Island.

The partnership aligns with Lloyd’s strategic objectives to utilize its platform and expertise in fostering sustainable and regional development projects.

This initiative aims to integrate environmental sustainability and renewable energy into the core of its development plans.

John Neal, CEO of Lloyd’s, emphasized the importance of this initiative, noting Lloyd’s role in supporting innovative and regenerative projects worldwide.

Lloyd's partnered with SAP to contribute to economic resilience

He highlighted SAP’s vision for Sherbro Island, which includes long-term regional prosperity and the introduction of advanced renewable energy and technology solutions. Neal expressed enthusiasm for working with SAP to realize the project’s goals.

Lloyd’s contribution to the partnership will involve providing specialist insurance and risk management expertise, with support from Aon and Tokio Marine Kiln as strategic partners.

This expertise will be crucial in addressing the unique challenges and opportunities associated with developing Sherbro Island into an eco-friendly and economically viable area.

Sherbro Island’s development is based on sustainable principles, aiming to become an eco-city that combines high international standards with the rich history, culture, and traditions of Sierra Leone.

SAP is currently collaborating with the Government of Sierra Leon

SAP is currently collaborating with the Government of Sierra Leone to conduct further feasibility studies.

These studies will help define the specific insurance needs related to the island’s renewable energy, eco-tourism, and business projects.

Idris Elba, Co-Founder of SAP, expressed the significance of the partnership with Lloyd’s in achieving the ambitious goals set for Sherbro Island.

He pointed out Lloyd’s role in supporting regenerative projects globally and its suitability as a partner in pioneering sustainable urban development in Africa, with a focus on renewable energy. Elba emphasized the partnership’s potential to drive growth and support a sustainable future.

Siaka Stevens, Co-Founder of SAP, also highlighted the necessity of robust partnerships for building a city that prioritizes sustainable growth and development.

By collaborating with Lloyd’s, SAP aims to leverage collective expertise, resources, and innovation to establish a modern, sustainable city.

Stevens noted the importance of such collaborations in driving Africa’s sustainable development agenda, ensuring that future cities are technologically advanced, environmentally sustainable, socially inclusive, and economically prosperous.

This partnership between Lloyd’s and SAP represents a strategic effort to support sustainable urban development in Sherbro Island, Sierra Leone, leveraging Lloyd’s insurance and risk management capabilities to facilitate the island’s transformation into a model for eco-friendly and sustainable urban planning.

Nataly Kramer   by Nataly Kramer