South African general insurer Santam has secured in principle approval from Lloyd’s to set up a syndicate in London. 

The planned syndicate, which will carry the name Santam Syndicate 1918, signifies the year the insurer was established. 

The business operations are due to begin from 1 January 2026. 

Santam expects its gross written premium in the London market to be between £300m ($403.94m) and £400m for 2026. 

The initiative is pending final approval and “permission to underwrite” in the fourth quarter of 2025, while awaiting regulatory clearances in South Africa. 

Santam Group CEO Tavaziva Madzinga said: “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.”  

Santam’s portfolio encompasses products including agricultural, car, engineering, guest house, liability, property, reinsurance and tourism.  

Lloyd’s chief commercial officer and Americas CEO Dawn Miller stated: “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.” 

Lloyd’s, a global insurance and reinsurance market, allows members to operate syndicates that underwrite insurance risks. 

Recently, credit insurer Atradius also secured in principle authorisation from Lloyd’s to set up a new syndicate from 1 January 2026.