Insurer Santam has been granted in principle approval by Lloyd’s to launch a syndicate based in London, which it says will accelerate the group’s international growth and diversification goals.

The new venture will be known as Santam Syndicate 1918, which symbolises the founding year of the South Africa-based insurer, and aims to commence underwriting later this year, with business incepting from 1 January 2026. The planned GWP for 2026 is anticipated to be between £300-400m.

Final approval and ‘permission to underwrite’ is expected in the fourth quarter of 2025. Tavaziva Madzinga, CEO of the Santam Group, 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. 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.”

“This international expansion venture is also important because it gives us access to the best insurance talent in the world that London has to offer and allows us an unprecedented opportunity for skills development of our own home-grown talent through the world’s leading marketplace for insurance.”