Santam gains Lloyd’s approval to launch new London syndicate

In a significant step towards bolstering its international presence, Santam, the short-term insurer owned by Sanlam, has received in-principle approval from Lloyd’s of London to establish a new syndicate.

This strategic initiative, branded as Santam Syndicate 1918, pays homage to the company's founding year and is set to commence underwriting in January 2026.

“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,” said Tavaziva Madzinga, CEO of Santam Group.

“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 the talent we have attracted,” he said.

The anticipated gross written premium for Santam Syndicate 1918 in its inaugural year is projected to fall within the £300 to £400 million range, providing a promising outlook for the group’s expansion. Santam's shares, however, saw a marginal decline of 0.85%, trading at R432.70 on the Johannesburg Stock Exchange (JSE) late Wednesday afternoon.

Lloyd's of London, renowned as the world’s leading insurance marketplace, facilitates specialist insurance services across over 200 territories. Operating as a partially mutualised marketplace, it enables multiple members, through various syndicates, to provide capital and manage insurance risks effectively.

The final green light for Santam’s new venture will hinge on securing necessary regulatory approvals in South Africa and demonstrating operational readiness, including systems and governance structures, by the fourth quarter of 2025.

“The initiative is crucial, as it allows us to tap into the best insurance talent in the world and significantly enhance our capabilities,” Madzinga remarked.

Dawn Miller, Chief Commercial Officer of Lloyd’s, echoed the sentiments of opportunity, stating: “The African continent represents a huge opportunity for our industry to facilitate economic progress, impact, and resilience. We look forward to welcoming Santam as they utilise Lloyd’s as a platform for expansion by unlocking its global licences and excellent financial strength.”

This landmark partnership is poised to set Santam on a path of expansive growth and diversification, solidifying its footprint in the global insurance landscape.

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