CAPE TOWN, 23 JULY 2025 – Santam, Africa’s largest short-term insurer, has been granted in principle approval by Lloyd’s to launch a syndicate, which will accelerate the international growth and diversification goals of the Group.

The new venture will be known as Santam Syndicate 1918, which symbolises the founding year of Santam, and aims to commence underwriting later this year, with business incepting from 1 January 2026. The planned Gross Written Premium for 2026 is anticipated to be in the £300 – £400 million range.

Final approval and ‘permission to underwrite’ is expected in the fourth quarter of 2025, subject to the Group evidencing that operational systems, governance structures and resources are in place ahead of launch.

Tavaziva Madzinga, the Santam Group CEO said Lloyd’s provided the company with the most efficient and scalable platform to advance its business goals and access new markets.

“The establishment of our own London market insurance operation gives our business a solid foundation for continued international growth and diversification. It becomes an important lever in achieving our 2030 FutureFit strategic ambition. This is a transformational step for Santam in our 107-year history. 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. 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 talent we have attracted,” he said.

“We will soon be kicking off an extensive recruitment drive in the United Kingdom to secure talented professionals for our new venture. This is an exciting opportunity for individuals wanting to join a successful business, with a proven track record, that is accelerating its’ international footprint,” added Madzinga.

Asta, the leading third-party managing agency, has been appointed as managing agent of the syndicate.

Lorraine Harfitt, Asta CEO, said: “We are delighted to have supported the Santam team in securing in-principle approval for Syndicate 1918. Santam’s position as the largest short-term insurer in Africa, with its specialist capabilities and exposure, combined with Asta’s strengths and experience make this a great partnership and an accretive addition to the Lloyd’s market.”

Dawn Miller, Chief Commercial Officer of Lloyd’s and CEO of Lloyd’s Americas said: “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 the leading property and casualty insurer in Africa as they utilise Lloyd’s as a platform for international expansion by unlocking its global licences and excellent financial strength.”