Lloyd's Grants Santam Initial Approval for London Syndicate

Santam, South Africa's largest short-term insurer, has received in-principle approval from Lloyd's to establish a London-based syndicate, Santam Syndicate 1918. The syndicate is expected to begin underwriting business from January 1, 2026.

Projected gross written premium for the syndicate's first year is between £300 million and £400 million. The initiative is part of Santam's broader international growth and diversification strategy.

Final approval and underwriting permission are anticipated in the fourth quarter of 2025, pending evidence that operational systems, governance structures, and resources are in place. Regulatory approval in South Africa is also required.

"Lloyd's provides the most efficient and scalable platform to advance our business goals and access new markets," said Tavaziva Madzinga, Santam Group CEO.

Mr. Madzinga said the London-based operation would allow the company to develop internal skills and recruit international expertise.

Lloyd's is a global insurance marketplace operating in more than 200 territories. Syndicates within the marketplace provide capital and accept insurance risks.

"The African continent is undergoing significant development and represents a huge opportunity for our industry to facilitate economic progress, impact, and resilience. We look forward to welcoming Santam ... as they utilize Lloyd's as a platform for international expansion by unlocking its global licenses and excellent financial strength,” said Dawn Miller, chief commercial officer of Lloyd's and CEO of Lloyd's Americas.