Lto R- Gedion Labane, Consul General of South Africa in Mumbai, Charlise Cloete,Cluster, Market Head Reinsurance: Asia Pacific, Santam,Curt Mayer, Executive Head, Santam Specialist. Gareth Beaver, CEO, Santam Specialist Solutions, and Kush Padia, CEO, Santam Re & international, at an event in Mumbai to launch Santam’s India operations
“We will target a premium of Rs 100 crore in two years from the Indian market.We will will provide capacity across lines of business including property, engineering, marine and liability. The GIFT City is well connected to both local and international markets, and we intend to leverage our position to sustainably grow our book both within India and beyond.” Kush Padia,Santam Re & international and interim CEO for India operations
Mumbai:Santam, South Africa’s largest short-term insurer, has launched its India opeartions on Wednesday.
The South African insurer,a subsidiary of Sanlam, which has two joint ventures with Shriram Group for life and non-life insurance business, has been granted a licence to establish a reinsurance branch office at the Gujarat International Finance Tec-City (GIFT City), India’s sole operational greenfield smart city and International Financial Services Centre (IFSC).
The licence was granted by the International Financial Services Centres Authority(IFSCA), a unified regulator for the IFSC, and other relevant authorities in India during January 2026.
With the launch of the IIO(IFSC Insurance Office), Santam becomes the first insurance company from the African continent to set up a presence in the GIFT City.
The insurer has been doing businjess with India since 2014 as a cross boarder reinsurer(CBR),and in 2024, it had mobilised Rs 20 crore of premium from the Indian market.
Santam Re, the Santam Group’s independent non-life treaty reinsurer with operations spanning Africa, Asia and Europe, will support the IIO with capacity across lines of business including property, engineering, marine and liability.
Santam Specialist Solutions, which insures a range of large, medium and small complex risks across a wide spectrum of industries in Africa and other emerging markets, will contribute specialist facultative reinsurance capabilities, providing tailored risk placement solutions across complex and niche lines of business.
Kush Padia, CEO, Santam Re & international and interim CEO for India operations, said the licence provides the group an opportunity to build rapidly upon its’ existing foothold in the Indian market.
“We will start underwriting from Apr 1 and will target a premium of Rs 100 crore in two years from Indian market.This step aligns with the Santam Group’s strategic objective to drive international expansion and broaden its international treaty and facultative reinsurance footprint. The GIFT City is well connected to both local and international markets, and we intend to leverage our position to sustainably grow our book both within India and beyond.” added Padia.
The IIO will be operationally managed by a CEO, to be appointed soon, with a team of highly talented, locally sourced insurance professionals who will ensure Santam’s strong governance standards and disciplined risk management ethos are adhered to.
“Operating as a category two order of preference IIO reinsurer brings new reinsurance programs into view, strengthening our position in the market. Another benefit of this licence is that it demonstrates Santam’s continued investment into India, a market we’ve been serving with reliable capacity for over 10 years. Cedents view this favourably when evaluating their panels.” stated Padia.
Tavaziva Madzinga, Santam’s Group CEO, said the granting of the Gift City licence closely follows the final approval for the company to operate a syndicate at Lloyd’s, which all enhance its international growth ambitions.
“As the Santam Group we are broadening our international footprint and the Gift City licence gives us further global exposure. The Santam Group brings to the Indian market over a century worth of expertise, capability and approach to insurance,” said Madzinga.
Santam is not only doing this for itself, but it is also raising South Africa’s flag high. With this move, Santam is going to be able to access India’s fastest growing insurance market while utilizing a regulatory and tax environment similar to well-established markets. I am making this assertion because GIFT City provides international financial institutions with an opportunity to offer services in foreign currency, thereby catalyzing their growth and diversification of risk common to global growth ambitions, said Gedion Labane, consul general of South Africa in Mumbai
“For our country, South Africa, this also aligns seamlessly with the African continental free trade agreement’s ethos of unlocking the continent’s economic potential through strategic global partnership. Together, this collaboration represents significant strides towards achieving these ambitious national and continental goals” he highlighted.
Santam remains fully committed to ensuring full compliance with all applicable laws and regulations within its operating territories and will continue to engage transparently with stakeholders throughout this process. The Santam Limited IIO will write on AM Best “A-” rated paper.
With a growing presence of international (re)insurers(around 16-17 global reinsurers have already set up their opearations in a short period of time) and brokers, the GIFT City has emerged as a regional hub for insurance and reinsurance.
Over the past few years, interest in the GIFT City has grown steadily, driven by a favourable regulatory regime designed to attract foreign investment into India.