’We are very excited about our partnership with Lloyd’s and the expansion opportunities into new territories and classes that the new syndicate will offer,’ says chief executive
South Africa-based short-term insurer Santam has been granted in principle approval by Lloyd’s of London to launch a syndicate.
The new venture will be known as Santam Syndicate 1918 and is set to start underwriting later this year, with business incepting from 1 January 2026.
Final approval and permission to underwrite is expected in the fourth quarter of 2025, subject to the group evidencing that operational systems, governance structures and resources are in place ahead of launch.
The firm will also undergo a recruitment drive in the UK to secure professionals for the new venture
The planned gross written premium (GWP) for 2026 is anticipated to be in the £300 – £400m range.
Tavaziva Madzinga, Santam’s chief executive, said: “The establishment of our own London market insurance operation gives our business a solid foundation for continued international growth and diversification.
“This is a transformational step for Santam in our 107-year history. We are very excited about our partnership with Lloyd’s and the expansion opportunities into new territories and classes that the new syndicate will offer.
“Lloyd’s is a global hub for insurance business, innovation and talent and we are pleased to be building out new foundations in this market, with the support of our partners and talent we have attracted.
“We will soon be kicking off an extensive recruitment drive in the UK to secure talented professionals for our new venture.
“This is an exciting opportunity for individuals wanting to join a successful business, with a proven track record, that is accelerating its’ international footprint.”
Managing agent
Third-party managing agency Asta has been appointed as managing agent of the syndicate.
Lorraine Harfitt, Asta chief executive, said: “We are delighted to have supported the Santam team in securing in principle approval for Syndicate 1918.
“Santam’s position as the largest short-term insurer in Africa, with its specialist capabilities and exposure, combined with Asta’s strengths and experience, make this a great partnership and an accretive addition to the Lloyd’s market.”
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