Santam, South Africa’s largest short-term insurer, has been granted a licence to establish a reinsurance branch office at 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 regional hub for insurance and reinsurance, with a growing presence of international (re)insurers and brokers. Santam Limited will operate the licence as an International Financial Services Centres Authority (IFSCA) and International Insurance Office (IIO). Over the past few years, interest in the GIFT City has grown steadily, driven by a favourable regulatory regime designed to attract foreign investment into India.
Santam Re, the Santam Group’s independent non-life treaty reinsurer with operations spanning Africa, Asia and Europe, will support the 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.
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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 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. 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 programs 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 CEO, 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.