South African insurance company landing in international Smart City
Santam has been granted a licence to establish a reinsurance branch office at the Gujarat International Finance Tec-City (GIFT City).
Gift City is India’s first operational greenfield smart city and International Financial Services Centre (IFSC).
South Africa’s largest short-term insurer said that GIFT City has emerged as a regional hub for insurance and reinsurance with a growing presence of international (re)insurers and brokers.
Santam, which has a market cap of R51.7 billion, will operate the licence as an International Financial Services Centres Authority (IFSCA) and International Insurance Office (IIO).
“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,” it said.
Santam Re, an independent non-life treaty reinsurer, will support the IIO with capacity for businesses in property, engineering, marine and liability.
Santam Specialist Solutions, which insures a range of large, medium and small complex risks, will add specialist facultative reinsurance capabilities.
Santam Specialist Solutions will provide tailored risk placement solutions across complex and niche lines of business.
Kush Padia, Santam Re’s interim CEO, said the licence provides the group with an opportunity to rapidly build on its existing foothold in the 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,” said Padia
“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.”
The license was granted by relevant authorities in January 2026, and Santam said that the IIO will be operationally managed by a team of highly talented, locally sourced insurance professionals.
“Operating as a category two order of preference, IIO reinsurer brings new reinsurance programs into view, strengthening our position in the market,” added Padia.
“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,” Padia added.
Comes after London approval
Tavaziva Madzinga, Santam’s Group CEO, said the granting of the Gift City licence comes shortly after the group received final approval for the company to operate a syndicate at Lloyd’s in London.
Santam received approval to launch a new syndicate in the UK, which launched on 1 January 2026.
Santam had received in-principle approval to establish the syndicate in July 2025 and spent the months leading up to January building the necessary foundations and executive team.
Lloyd’s is the world’s largest insurance marketplace, and brings together participants offering specialist insurance products from over 200 territories.
The initial underwriting focus of Santam’s UK business includes the following classes of business:
- Property – International and North America Open Market and Binders
- Marine
- Energy
- Political Violence and Terrorism
- Financial Institutions
- Professional Indemnity
- Cyber
The planned Gross Written Premium for 2026 is expected to be in excess of £300 million (roughly R6.8 billion).
“As the Santam Group, we are broadening our international footprint and the Gift City licence gives us further global exposure,” said Madzinga.
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