About Santam Re
Santam Re was formed in 2010 as a division of Santam Ltd and seeks to establish itself as a technically competent and responsible reinsurer. We look to grow and develop our footprint through careful risk analysis and sound pricing. Our main geographical areas remain South East Asia, the Indian sub-continent, the Middle East and Eastern Europe.
Reinsurance business and underwriting
Santam Re only transacts proportional and non-proportional TREATY reinsurance for both marine and non-marine classes. No facultative reinsurance capacity is offered. Whilst the business is keen to grow its premium base, underwriting decisions remain essentially conservative, both as percentage lines written and dollar denominated capacities. All growth targets are subject to carefully modelled profit margins, which are sacrosanct to the businesses operation.
Santam Re offers capacity in the following classes of business:
- Miscellaneous Accident
- Motor (Own damage and liability)
- Marine (Hull and Cargo)
- Alternative Risk Transfer transactions
Reinsurance aggregation risk is managed through the strict adherence to contract and country exposure limits. These are carefully monitored by the actuarial team and managed through the purchase of retrocession to the 1-in-250 year level from high-quality retrocessionaires (S&P A- minimum rated).
It is worth noting that S&P has assessed Santam’s enterprise risk management as ‘strong’ and considers Santam to have strong risk controls to manage its key risks. S&P views Santam’s risk culture as positive, as it has been fully embedded across the business and is supported by an extensive risk appetite framework and effective risk and audit governance.
Santam Re writes on AA- paper
With effect from 1 January 2020, Santam Re writes on paper of New Reinsurance Company Limited (New Re) registered in Switzerland. The Zurich-based reinsurer is a wholly owned subsidiary of Münchener Rückversicherungs-Gesellschaft (Munich Re) and boast a Standard & Poor’s (S&P) AA-rating.