Santam enters India’s IFSC with GIFT City reinsurance branch 

South Africa’s largest short-term insurer, Santam Limited, a subsidiary of Sanlam, has received a licence to establish a reinsurance branch in the Gujarat International Finance Tec-City (GIFT City), India’s first operational greenfield smart city and International Financial Services Centre (IFSC). 

GIFT City has emerged as a growing hub for insurance and reinsurance, attracting international reinsurers and brokers. Santam will operate under the International Financial Services Centres Authority (IFSCA) as an International Insurance Office (IIO), tapping into a regulatory environment designed to encourage foreign investment.

Santam re expands footprint in India

Santam Re, the group’s independent non-life treaty reinsurer, operates across Africa, Asia, and Europe. It will support the new IIO with capacity in property, engineering, marine, and liability lines.

Santam Specialist Solutions, which underwrites complex risks across industries in Africa and other emerging markets, will offer facultative reinsurance expertise, tailoring risk solutions for niche sectors. 

Kush Padia, Santam Re’s interim CEO, said the licence strengthens the group’s presence in India. “This step aligns with our strategy to expand internationally and broaden our reinsurance footprint. GIFT City is well connected to local and global markets, and we plan to grow sustainably here and beyond,” Padia said. 

The licence was granted by IFSCA and other Indian authorities in January 2026, following in-principle approval in July 2025. Santam spent the intervening months assembling its executive team and establishing operational foundations.

First BRICS Insurer in GIFT City 

The IIO will be managed by locally sourced professionals committed to Santam’s governance and risk management standards. With this launch, Santam becomes the first BRICS-based insurer to operate in GIFT City. 

“Operating as a category two IIO reinsurer opens new opportunities for reinsurance programs,” Padia added. “It also underscores our commitment to India, a market we’ve supported for over a decade. Cedents value this consistency when reviewing their panels.” 

Santam Limited will write on AM Best “A-” rated paper, fully compliant with all local regulations and transparent with stakeholders.

Tavaziva Madzinga, Santam Group CEO, said the GIFT City licence follows the group’s approval to operate a syndicate at Lloyd’s, furthering its global ambitions. “This licence gives us wider international exposure. Santam brings over a century of insurance experience to the Indian market,” Madzinga said. 

Santam expands across Africa, targets growth

Founded in 1918 in Cape Town, Santam is listed on the Johannesburg Stock Exchange and maintains secondary listings in Namibia and A2X Markets Exchange. Sanlam holds a 62.3% stake. The group anticipates gross written premiums exceeding £300 million ($404.3 million) in 2026. 

Santam operates in several African countries, including Malawi, Tanzania, Uganda, Zimbabwe, and Zambia, with its headquarters in Bellville, Western Cape. Madzinga, an actuary with more than 20 years in financial services, has held senior roles across Swiss Re, Britam Holding, and the Old Mutual Group.