Santam, South Africa’s largest short-term insurer, has been granted in-principle approval by Lloyd’s to launch a syndicate based in London.
The new venture will be known as Santam Syndicate 1918, which symbolises the founding year of Santam, and aims to start underwriting later this year, with business incepting from 1 January 2026.
The planned gross written premium for 2026 is anticipated to be between £300 million and £400m (about R6.9 billion to R9.2bn).
Lloyd’s is the world’s leading insurance marketplace, with participants providing specialist insurance services in more than 200 territories. It operates as a partially mutualised marketplace within which multiple members, through syndicates, provide capital and accept insurance risks.
Final approval and permission to underwrite are expected in the fourth quarter of this year, subject to Santam providing evidence that operational, systems, governance structures, and resources are in place ahead of launch. The initiative is also subject to the relevant regulatory approvals in South Africa.
Santam Group chief executive Tavaziva Madzinga said Lloyd’s provides the company with the most efficient and scalable platform to advance its business goals and access new markets.
“The establishment of our own London market insurance operation gives our business a solid foundation for continued international growth and diversification. It becomes an important lever in achieving our 2030 FutureFit strategic ambition. This is a transformational step for Santam in our 107-year history.
“We are very excited about our partnership with Lloyd’s and the expansion opportunities into new territories and classes that the new syndicate will offer. Lloyd’s is a global hub for insurance business, innovation, and talent, and we are pleased to be building out new foundations in this market, with the support of our partners and talent we have attracted,” he said.
“This international expansion venture is also important because it gives us access to the best insurance talent in the world that London has to offer and allows us an unprecedented opportunity for skills development of our own home-grown talent through the world’s leading marketplace for insurance,” Madzinga added.
Dawn Miller, the chief commercial officer of Lloyd’s and CEO of Lloyd’s Americas, said: “The African continent is undergoing significant development and represents a huge opportunity for our industry to facilitate economic progress, impact, and resilience. We look forward to welcoming Santam as the leading property and casualty insurer in Africa as they utilise Lloyd’s as a platform for international expansion by unlocking its global licences and excellent financial strength.”
