Brics milestone: Santam becomes first to open office in India's global financial hub
South Africa’s leading short-term insurer Santam Group is expanding its global footprint after securing approval to open a reinsurance branch in Gujarat International Finance Tec (Gift) City in India, a rapidly growing international finance hub.
Source: Supplied. Kush Padia, Santam Re’s interim chief executive officer.
The licence allows the company to establish an office within the International Financial Services Centre, positioning it closer to global insurers, brokers and investment flows.
Interest in the district has surged in recent years as regulators introduced policies aimed at attracting foreign capital and strengthening India’s role in cross-border insurance and reinsurance markets. This supports Santam Group’s broader international growth strategy and long-term partnerships across Asia and emerging risk markets, backed by new capacity and expertise.
Santam Re, the Santam Group’s independent non-life treaty reinsurer with operations spanning Africa, Asia and Europe, will support the International Insurance Office (IIO) with capacity across lines of business including property, engineering, marine and liability.
Santam Specialist Solutions, which insures a range of large, medium and small complex risks across a wide spectrum of industries in Africa and other emerging markets, will contribute specialist facultative reinsurance capabilities, providing tailored risk-placement solutions across complex and niche lines of business.
Strategic Indian expansion
Kush Padia, Santam Re’s interim chief executive officer, said the licence provides the Group an opportunity to build rapidly upon its existing foothold in the Indian market.
“This step aligns with the Santam Group’s strategic objective to drive international expansion and broaden its international treaty and facultative reinsurance footprint.
"The Gift City is well connected to both local and international markets, and we intend to leverage our position to sustainably grow our book both within India and beyond.” said Padia.
The licence was granted by the International Financial Services Centres Authority (IFSCA) and other relevant authorities in India during January 2026. The IIO will be operationally managed by a team of highly talented, locally sourced insurance professionals who will ensure Santam’s strong governance standards and disciplined risk-management ethos are adhered to.
Santam expands globally
With the launch of the IIO, Santam becomes the first Brics-based insurance company to set up a presence in the Gift City.
“Operating as a category two order of preference IIO reinsurer brings new reinsurance programmes into view, strengthening our position in the market. Another benefit of this licence is that it demonstrates Santam’s continued investment into India, a market we’ve been serving with reliable capacity for over 10 years. Cedents view this favourably when evaluating their panels.” Padia added.
Santam remains fully committed to ensuring full compliance with all applicable laws and regulations within its operating territories and will continue to engage transparently with stakeholders throughout this process. The Santam Limited IIO will write on AM Best “A-” rated paper.
Tavaziva Madzinga, Santam’s Group chief executive officer, said the granting of the Gift City licence closely follows the final approval for the company to operate a syndicate at Lloyd’s, which all enhance its international growth ambitions.
“As the Santam Group we are broadening our international footprint and the Gift City licence gives us further global exposure. The Santam Group brings to the Indian market over a century worth of expertise, capability and approach to insurance,” said Madzinga.