Santam receives approval to launch UK-based Lloyd’s syndicate

Santam Limited, one of South Africa’s general insurers, has received in-principle approval from Lloyd’s of London—a re/insurance marketplace—to establish a Lloyd’s syndicate in the United Kingdom.

This approval is subject to Santam meeting Lloyd’s operational start-up requirements. The necessary regulatory approvals have also been obtained in South Africa, and final permission to begin underwriting is expected in the fourth quarter of 2025.

The move aligns with Santam’s strategy to expand internationally and diversify its business to increase gross written premiums and earnings.

Currently, Santam’s international operations are conducted through Santam Specialist Solutions and Santam Re. The new syndicate is intended to support the company’s international growth objectives.

Lloyd’s offers access to specialist insurance sectors, an area in which Santam has experience in South Africa. Using Lloyd’s platform may allow Santam to grow internationally without the extended time and investment usually required for new operations.

The syndicate will also operate within Lloyd’s governance framework and benefit from its credit ratings and distribution network. It will draw on Santam’s specialist expertise and its partnership with SanlamAllianz in Africa.

Through Lloyd’s licenses, the syndicate will be able to trade in approximately 77 insurance and 200 reinsurance territories globally, alongside access to underwriting expertise from the London market. Santam has appointed an experienced leadership team based in London, with plans to expand this team further over the year.

The business plan expects a small negative earnings impact in the first year due to delayed premium recognition, with positive contributions anticipated from the second year onward, aiming to meet the Group’s return on capital targets over time.

The syndicate is expected to begin underwriting later this year, with business starting on January 1, 2026, pending Lloyd’s operational requirements.

This announcement is voluntary and falls below the JSE’s Category 2 threshold, so no shareholder approval is required. A call with shareholders, investors, and other stakeholders is scheduled for July 23, 2025.

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