Santam becomes first African insurer to win Lloyd’s of London approval to launch a global insurance syndicate

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At a Glance

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• Santam becomes first African insurer with a Lloyd’s-approved global underwriting syndicate.
• The syndicate expands Santam’s access to 270 global insurance and reinsurance territories.
• Santam Syndicate 1918 to power long-term global growth and earnings diversification strategy.

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South African insurer Santam Ltd., a subsidiary of Sanlam, has secured in-principle approval from the Lloyd’s Council to launch a new underwriting syndicate in London, in a strategic move aimed at accelerating its international growth and diversifying earnings.

The new venture, to be known as Santam Syndicate 1918—about the group’s founding year—is expected to begin underwriting on January 1, 2026, subject to final operational approvals from Lloyd’s. The company anticipates securing full permission to underwrite by the fourth quarter of 2025.

Majority-owned by financial services group Sanlam Ltd., Santam views the syndicate as a key milestone in its “FutureFit 2030” strategy to expand outside its South African home market. Currently, its international operations are run through Santam Re and Santam Specialist Solutions.

Santam taps Lloyd’s for global diversification push

The initiative marks a turning point for Santam’s ambitions to scale outside its core South African market, where it has operated since 1918. The company currently conducts international operations through Santam Re and Santam Specialist Solutions. 

“The establishment of our own London market insurance operation gives our business a solid foundation for continued international growth and diversification,” said Santam Group CEO Tavaziva Madzinga. “This is a transformational step for Santam in our 107-year history and aligns with our long-term strategic ambition.”

By entering the Lloyd’s market, Santam gains access to licenses across 77 insurance and 200 reinsurance territories.

“Lloyd’s offers an efficient and scalable platform for specialist insurance classes, which aligns with Santam’s strengths,” the firm said in a statement. The syndicate structure also allows the company to sidestep the lengthy investment cycle of building greenfield operations from scratch.

Santam expects the syndicate to incur a minor earnings drag in its first year of operations, due to timing in revenue recognition, but projects positive earnings from year two, with returns meeting internal capital targets over the medium term.

Santam’s underwriting legacy powers global expansion

Founded in 1918 in Cape Town, Santam has evolved into South Africa’s largest short-term insurer, renowned for its expertise in specialist insurance and reinsurance.

Now entering a new phase of international growth, Santam plans to launch Santam Syndicate 1918 at Lloyd’s of London, a move that marks a bold step toward scaling its underwriting capabilities globally. The company has begun assembling a London-based leadership team, composed of seasoned Lloyd’s market professionals.

The syndicate will draw on Santam’s technical strengths and its strategic partnership with SanlamAllianz to deepen reach across Africa and access over 270 insurance and reinsurance territories through Lloyd’s global licenses.

The initiative is seen as a strong endorsement of Santam’s underwriting credentials and a key milestone in its transformation into a global player in specialist insurance. It also reflects a broader trend of African insurers seeking international diversification amid domestic economic pressures.