South African Insurer Santam Gets ‘In-Principle’ Approval to Launch Lloyd’s Syndicate

Santam, the Cape Town, South Africa-based property/casualty insurer, has been granted “in-principle” approval by Lloyd’s to launch a syndicate based in London, which will accelerate the group’s international growth and diversification goals.

The new venture will be known as “Santam Syndicate 1918,” in honor of the founding year of Santam. The syndicate aims to commence underwriting later this year with business incepting from Jan. 1, 2026. The planned gross written premium for 2026 is anticipated to be in the range of £300 million-£400 million (US$404.9 million-US$539.8 million).

Final approval from Lloyd’s and permission to underwrite is expected in the fourth quarter of 2025, subject to the group evidencing 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.

Lloyd’s provided the company with the most efficient and scalable platform to advance its business goals and access new markets, commented Tavaziva Madzinga, Santam Group’s chief executive officer in a statement.

“The establishment of our own London market insurance operation gives our business a solid foundation for continued international growth and diversification,” Madzinga said.

“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,” he added. “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.”

This venture will give Santam “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.

“The African continent is undergoing significant development and represents a huge opportunity for our industry to facilitate economic progress, impact, and resilience,” according to Dawn Miller, chief commercial officer of Lloyd’s and CEO of Lloyd’s Americas. “We look forward to welcoming Santam as the leading property and casualty insurer in Africa as they utilize Lloyd’s as a platform for international expansion by unlocking its global licenses and excellent financial strength.”

Source: Santam