- Centum receives license to open reinsurance branch in GIFT City, India
- Becomes the first BRICS-based insurer to establish reinsurance presence there
- Move aims to take India's fast-growing insurance market into the world's top 10
South African insurance group Santam announced Last week, it got approval to open a reinsurance branch in Gujarat International Finance Tech-City, known as GIFT City, in India. The entity will operate as a Category 2 International Insurance Office (IIO) regulated by the International Financial Services Center Authority (IFSCA).
The license was granted by the relevant Indian authorities and IFSCA in January 2026. This allows Centum to offer reinsurance programs from GIFT City to the Indian market.
Presence in the global financial center
GIFT City was established by the Government of India as an international financial services hub. It operates under a unique tax regime, including income tax exemption for up to ten years and a regulatory framework different from the rest of India. The aim is to establish it as a global financial platform competing with centers like Singapore and Dubai.
Several international reinsurers, including Saudi Re, Korean Re, Peak Re, Kuwait Re, Abu Dhabi National Insurance and Eurasia Insurance Company JSC, received authorization in 2025 to operate in GIFT City. Centum has become the first insurer to establish a reinsurance presence in the BRICS country. The South African non-life insurer is looking to enter India's insurance market, which ranks among the top ten globally by premium volume.
As part of its expansion in India, Santam will be supported by Santam Re, the group's treaty-focused non-life reinsurer, which is already operating in Africa, Asia and Europe. It will provide capabilities in areas such as property, engineering, maritime and liability. Centum Specialist Solutions will handle facultative reinsurance, offering tailored risk placement solutions for complex and specialized business lines.
“This move is in line with Centum Group's strategic objective to drive international expansion and broaden its international treaty and facultative reinsurance footprint. GIFT City is well connected to both local and international markets, and we intend to leverage our position to continuously grow our book in India and beyond.” said Kush Padia, acting chief executive of Santam Re.
Santam chief executive Tavaziwa Madzinga said the GIFT City license enhances the group's global visibility. “The Centum Group brings more than a century’s worth of expertise, capabilities and approach to insurance to the Indian market.” He added.
The move comes as South Africa maintains the highest insurance penetration rate on the continent at 11.54% in 2024, according to the African Insurance Organisation's 2025 annual report.
Chamberlain Moco