Santam Re opens GIFT City branch to scale Indian and Asian reinsurance play

Santam Re has launched its GIFT City branch as an IFSC office, focusing initially on India's reinsurance market before expanding into broader Asian and Middle Eastern regions

South Africa-based Santam Re on Wednesday announced the launch of its GIFT City branch to function as an IFSC International Office (IIO), with an initial focus on the Indian market and gradual expansion into the broader Asian and Middle Eastern regions.

 

The company plans to start its business on the facultative side with a focus on construction, engineering, as well as introducing corporate property assets and business interruption risks, particularly for specialised industries and insurance clients.

 

On the treaty business, the company plans to offer products in property, liability, engineering and marine at the outset, and then start offering other lines of business by the April renewal season.

 

Although the company has identified the Chief Principal Officer to run the Indian business, it has not disclosed the name. Sanlam Re was already working as a cross-border reinsurer in the Indian market, but with the GIFT City licence, the reinsurer has moved higher in the order of preference in the Indian reinsurance market.

 

The company plans to focus on reinsuring Indian lines of business and gradually open other lines across the Asian market from GIFT City.

 

According to Kush Padia, Chief Executive Officer, Santam Re & International: “There will certainly be more plans. Our primary purpose is to support our Indian business out of our GIFT City office. But we also want to use our GIFT City office to expand into other regions and to use that as a springboard to grow within the broader Asian subcontinent and into the Middle East as well. Initially we will have to focus on our Indian business and we will continue to invite business from other regions as well.”