About Santam Re
Santam Re was formed in 2010 as a division of Santam Limited and seeks to position itself as an established reinsurer built on long term partnerships across Africa, the Indian sub-continent, the Middle East including Turkey, Southeast Asia and China.
The long term goal of the business is to be recognised as a preferred reinsurer to emerging markets. Santam Re carries out all underwriting and actuarial analysis from its head office in Cape Town. Market representation to Southeast Asia and China is available from a consultant in Singapore with South Africa and Africa catered for by our representative office in Johannesburg.
Reinsurance business and underwriting
The business underwrites proportional and non-proportional reinsurance treaties only, for most classes of marine and non-marine classes.
Although Santam Re has significant growth targets, the underwriting philosophy is essentially conservative.
All growth is underpinned by profitability to ensure the business’ presence in a market has both sustainability and longevity. An essential part of the underwriting approach is to secure long-term relationships with cedants and intermediaries who share this view. Santam Re can offer capacity on the following lines of business:
- Accident and all Miscellaneous Accident Classes
- Credit & Bonds - but only in Southern Africa
- Alternate Risk Transfer arrangements
Please note that this is not an exhaustive list.
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.