Santam will launch a UK-based business later this year, as the group is looking to expand internationally and diversify. <\/p>\n\n\n\n
Santam said that it received in-principle approval to launch a UK-based Lloyd\u2019s syndicate. <\/p>\n\n\n\n
A Lloyd’s syndicate is a group of investors or insurance professionals who underwrite insurance risks within the Lloyd’s of London insurance market.<\/p>\n\n\n\n
Santam said the initiative has also received the relevant regulatory approvals in South Africa. <\/p>\n\n\n\n
It said that final approval and permission to underwrite by Lloyd\u2019s are expected in Q4 2025. <\/p>\n\n\n\n
\u201cInternational expansion and diversification is a key strategic pillar of Santam to accelerate future growth prospects from a Gross Written Premium and earnings perspective,\u201d it said. <\/p>\n\n\n\n
\u201cSantam’s international operations are currently driven through Santam Specialist Solutions and Santam Re.\u201d<\/p>\n\n\n\n
It noted that Lloyd\u2019s is one of the largest insurance and reinsurance marketplaces globally. <\/p>\n\n\n\n
It added that the initiative has the potential to enhance Santam\u2019s future growth prospects, without incurring the extended period of investment typical of greenfield operations. <\/p>\n\n\n\n
The Santam Syndicate will leverage its existing specialist capabilities in South Africa, as well as Santam’s strong partnership with SanlamAllianz in the rest of Africa.<\/p>\n\n\n\n
The syndicate will enable access through Lloyd\u2019s licences to trade in roughly 77 insurance and 200 reinsurance territories across the globe. <\/p>\n\n\n\n
Santam appointed the first members of its leadership team based in London, with extensive experience within the Lloyd\u2019s market. The team will be augmented over the remainder of the year. <\/p>\n\n\n\n
Santam\u2019s business plan anticipates a minimal negative earnings impact in the first year of operations.<\/p>\n\n\n\n
This is mainly due to the negative earnings impact in the first year of operations on the back of delayed recognition of written premiums. A positive earnings contribution is expected in the second year onwards. <\/p>\n\n\n\n
The incremental earnings contribution should reach its return on capital target over the medium term. <\/p>\n\n\n\n
The Santam Syndicate aims to start underwriting later this year, with business incepting from 01 January 2026, subject to the regulatory environment.<\/p>\n","protected":false},"excerpt":{"rendered":"
Santam has received approval to launch a UK-based Lloyd\u2019s syndicate, with the group expecting an earnings hit in the first year. <\/p>\n","protected":false},"author":95,"featured_media":802063,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9876],"tags":[10423,341],"class_list":["post-832568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","tag-lloyds","tag-santam"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/832568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=832568"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/832568\/revisions"}],"predecessor-version":[{"id":832571,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/832568\/revisions\/832571"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/802063"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=832568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=832568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=832568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}