Santam Re Expands into GIFT City to Drive Reinsurance Growth Across India and Asia

South Africa-based reinsurer Santam Re has reportedly opened a branch in Gujarat International Finance Tec-City (GIFT City) as an International Financial Services Centre (IFSC) International Office, as per news reports.  

Earlier, Santam Re operated in the country as a cross-border reinsurer. With the GIFT City licence, it now moves higher in the order of preference used by Indian insurers while placing reinsurance risks. 

Initial Focus on Facultative Risks 

The branch will begin with facultative reinsurance business. The early portfolio will centre on construction and engineering risks, along with corporate property assets and business interruption covers. 

These segments usually involve large projects or specialised industrial clients. The company plans to build its business gradually through selected risks. 

Treaty Offerings to Follow 

On the treaty side, Santam Re will start by offering property, liability, engineering and marine covers. More treaty lines are expected to be introduced by the April renewal season. 

The Indian office will be led by a Chief Principal Officer, although the company has not disclosed the name of the executive. 

India-First Approach 

In the early phase, the branch will focus on reinsuring Indian lines of business. The company has indicated that it will gradually open other lines across Asian markets from the GIFT City base.  

The office is also expected to attract business from parts of the Middle East as the regional portfolio develops. 

Read More: Union Budget 2026: FM Announces 20 Years Tax Holiday for GIFT City Units! 

Conclusion 

The GIFT City branch provides Santam Re with a local operating base in India’s IFSC framework. The company plans to begin with selected facultative and treaty lines before expanding into other Asian and Middle Eastern markets. 

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