Santam, South Africa’s largest short-term insurer, has been granted in principle approval by Lloyd’s to launch a syndicate based in London, which will accelerate the international growth and diversification goals of the Group.
The proposed Santam Syndicate 1918 aims to begin underwriting from January 1, 2026, with planned gross written premiums for the first year projected between £300 mn and £400 mn.
Final approval is expected in Q4 2025, contingent on the readiness of operational systems, governance, and resources. The project also requires regulatory clearance in South Africa.
Tavaziva Madzinga, CEO of Santam, called the move a key milestone in the insurer’s 107-year history.
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.
Tavaziva Madzinga, CEO of Santam
“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,” Tavaziva Madzinga 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.
The syndicate will operate through Lloyd’s global platform, which gives Santam access to over 200 territories.
Dawn Miller, Chief Commercial Officer at Lloyd’s, welcomed the approval, noting Santam’s leadership in Africa’s insurance sector.
The continent offers major opportunities for economic development. We look forward to Santam using Lloyd’s global reach to expand responsibly.
Dawn Miller, Chief Commercial Officer at Lloyd’s
The initiative strengthens Santam’s presence in international markets while reinforcing its domestic capabilities through access to the London insurance talent pool.
Santam is a South African financial services group that also has business interests in Malawi, Tanzania, Uganda, Zimbabwe, and Zambia. Santam’s head office is located in Bellville in the Western Cape, South Africa.
The company is listed on the Johannesburg Stock Exchange (JSE) and is South Africa’s largest short-term insurer.
The Suid-Afrikaanse Nasionale Trust en Assuransie Maatskappy (South African National Trust and Assurance Company Limited) (Santam) was established on 1 May 1918. One month later the South African Life Assurance Company (Sanlam) was established as a full subsidiary of Santam to focus on life assurance while Santam remained focused on short-term insurance.
