Santam Insurance establishes operations in India

South African insurance group Santam has received approval to establish a reinsurance branch in Gujarat International Finance Tec-City (GIFT City).

The new entity will operate as an International Insurance Office (IIO) under the regulation of the International Financial Services Centres Authority (IFSCA).

Santam Re, the group’s independent reinsurance arm, will provide capacity to the IIO across various non-life classes of business, including engineering, marine, and liability. In addition, Santam Specialist Solutions will deliver tailored risk placement services for complex and specialized sectors.

This development forms part of the insurer’s broader strategy to accelerate international expansion and strengthen its footprint in the global reinsurance market.

With this launch, Santam becomes the first BRICS-based insurer (Brazil, Russia, India, China, and South Africa) to establish a presence in GIFT City.