{"id":851466,"date":"2026-02-19T10:44:00","date_gmt":"2026-02-19T08:44:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=851466"},"modified":"2026-02-19T10:50:02","modified_gmt":"2026-02-19T08:50:02","slug":"south-african-insurance-company-landing-in-international-smart-city","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/851466\/south-african-insurance-company-landing-in-international-smart-city\/","title":{"rendered":"South African insurance company landing in international Smart City"},"content":{"rendered":"\n

Santam has been granted a licence to establish a reinsurance branch office at the Gujarat International Finance Tec-City (GIFT\u00a0City).<\/p>\n\n\n\n

Gift City is India’s first operational greenfield smart city and\u00a0International Financial Services Centre\u00a0(IFSC). <\/p>\n\n\n\n

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.\u00a0<\/p>\n\n\n\n

Santam, which has a market cap of R51.7 billion, will operate the licence as an International Financial Services Centres Authority (IFSCA)\u00a0and\u00a0International Insurance Office (IIO).<\/p>\n\n\n\n

“Over the\u00a0past\u00a0few years, interest in the\u00a0GIFT\u00a0City has\u00a0grown\u00a0steadily, driven by\u00a0a favourable regulatory regime\u00a0designed\u00a0to\u00a0attract\u00a0foreign investment into India,” it said. <\/p>\n\n\n\n

Santam Re, an independent non-life treaty reinsurer, will support the IIO with capacity for businesses in property, engineering, marine and liability. <\/p>\n\n\n\n

Santam Specialist Solutions, which insures a range of large, medium and small complex risks,\u00a0will\u00a0add\u00a0specialist facultative reinsurance capabilities. <\/p>\n\n\n\n

Santam Specialist Solutions will provide tailored risk placement solutions across complex and niche lines of business.\u00a0<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

\u201cThis step aligns with\u00a0the\u00a0Santam\u00a0Group\u2019s strategic\u00a0objective\u00a0to drive international expansion and broaden\u00a0its\u00a0international treaty and facultative reinsurance footprint,” said Padia<\/p>\n\n\n\n

“The GIFT City is well connected to both local and international markets,\u00a0and\u00a0we intend to\u00a0leverage\u00a0our position\u00a0to\u00a0sustainably\u00a0grow our book both within India and beyond.”<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

\u201cOperating as a\u00a0category two\u00a0order of preference,\u00a0IIO\u00a0reinsurer\u00a0brings new reinsurance programs into view,\u00a0strengthening our position in the market,” added Padia. <\/p>\n\n\n\n

“Another\u00a0benefit of this licence is that it demonstrates Santam\u2019s continued investment into India,\u00a0a\u00a0market\u00a0we\u2019ve\u00a0been serving with reliable capacity for over 10 years,”\u00a0Padia\u00a0added.\u00a0<\/p>\n\n\n\n

Comes after London approval <\/h2>\n\n\n
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Tavaziva Madzinga, Santam\u2019s 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\u2019s in London. <\/a><\/p>\n\n\n\n

Santam received approval to launch a new syndicate in the UK, which launched on 1 January 2026.\u00a0<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Lloyd\u2019s is the world\u2019s largest insurance marketplace, and brings together participants offering specialist insurance products from over 200 territories.\u00a0<\/p>\n\n\n\n

The initial underwriting focus of Santam’s UK business includes the following classes of business:\u00a0<\/p>\n\n\n\n