South African short-term insurer Santam has been granted a licence to establish a reinsurance branch office in the Gujarat International Finance Tec-City (GIFT City), India’s first operational greenfield smart city and International Financial Services Centre (IFSC).
Santam Limited will operate the branch as an International Insurance Office (IIO) regulated by the International Financial Services Centres Authority (IFSCA).
Santam Re, the group’s independent non-life treaty reinsurer, will provide underwriting capacity across property, engineering, marine and liability lines.
Meanwhile, Santam Specialist Solutions, which underwrites large, medium and complex risks across diverse industries in Africa and other emerging markets, will add facultative reinsurance expertise, offering bespoke risk placement solutions in complex and niche segments.
The IIO will reportedly be managed by a locally recruited team of insurance professionals, tasked with upholding Santam’s governance framework and disciplined risk management approach.
With the launch of the IIO, which will write on AM Best “A-” rated paper, Santam becomes the first BRICS-based insurer to establish a presence in GIFT City.
Kush Padia, Santam Re’s interim Chief Executive Officer, commented, “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.
“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.”
Tavaziva Madzinga, Santam’s Group CEO, noted that the granting of the Gift City licence closely follows the final approval for the company to operate a syndicate at Lloyd’s, which all enhances its international growth ambitions.
Madzinga added, “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.”
GIFT City has rapidly established itself as a regional insurance and reinsurance hub, attracting a growing roster of international re/insurers and brokers seeking access to India’s expanding market and favourable regulatory regime.
In an interview last year, Prateek Singhal, Executive President and Head of Reinsurance at Howden India, said the country’s reinsurance sector is poised for significant growth in 2026. He cited supportive government initiatives, the issuance of new insurance licences and the continued evolution of GIFT City as a pioneering financial centre as key growth drivers.
The Department for Promotion of Industry and Internal Trade also recently formally liberalised India’s insurance sector, allowing up to 100% foreign direct investment (FDI) under the automatic route.
The move marked a notable shift in ownership policy for insurers operating in the country and is expected to further stimulate foreign participation.
