South African short-term insurer Santam has secured authorisation to set up a reinsurance branch at Gujarat International Finance Tec-City (GIFT City) in India.
The licence was issued by the International Financial Services Centres Authority (IFSCA) and other regulatory bodies in January 2026.
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The new branch will operate as an international insurance office (IIO) under the IFSCA framework.
Santam Re, which handles non-life treaty reinsurance for the Santam Group across Africa, Asia and Europe, will provide capacity for the Indian operation across areas such as property, engineering, marine and liability.
Santam Re interim CEO Kush Padia said: “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 programmes 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 have been serving with reliable capacity for over ten years. Cedents view this favourably when evaluating their panels.” Padia added.
Santam Specialist Solutions will also be involved, offering facultative reinsurance services focusing on complex and specialised risks for a variety of industries in Africa and emerging markets.
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By GlobalDataThe establishment of this branch means Santam is the first insurer from a BRICS (Brazil, Russia, India, China and South Africa) country to open an office in GIFT City, the company said in a statement.
A local team will oversee the day-to-day management of operations.
Santam Group CEO Tavaziva Madzinga said: “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.”
The approval follows the company’s receipt of final authorisation in December to operate a syndicate at Lloyd’s.
Recently, Mapfre Re also gained approval to launch a branch in Gujarat.
