Santam Re has appointed Nico Conradie (pictured above) as CEO of the reinsurance unit, effective March 1, 2026, as South Africa's largest short-term insurer pushes deeper into international markets.
Conradie brings more than 30 years of reinsurance experience, most recently as CEO of Munich Re's Africa branch. His prior roles include executive manager for life and general manager for life at Munich Re, as well as managing director of Hannover Life Re Africa.
He holds a Master of Science degree from North-West University and a Bachelor of Science Honours from Stellenbosch University.
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Santam Re is the Santam Group's independent non-life treaty reinsurer, providing capacity for property, casualty, and marine lines across Africa, Asia, and parts of Europe. Its parent company commands a market share exceeding 22% in South Africa, with gross written premiums reaching R41.3 billion in 2024 - an 11% increase year on year.
International markets contributed R7.4 billion of that figure, up 28%, now accounting for 18% of group GWP.
To support the international growth push, Santam secured an A- (Excellent) financial strength rating from AM Best at the end of 2024.
Read more: GIFT City lands another major reinsurer as Santam opens branch
In January, Santam received a license to establish a reinsurance branch at India's Gujarat International Finance Tec-City, known as GIFT City - making it the first BRICS-based insurer at the hub. Santam Re and Santam Specialist Solutions will provide capacity across property, engineering, marine, and liability lines.
The move carries strategic weight. India's reinsurance regulatory framework grants GIFT City-based offices a higher position in the "Order of Preference" system that governs how Indian cedants place business - effectively giving Santam Re a leg up over cross-border competitors. Santam had been writing Indian business on a cross-border basis since 2014.
Swiss Re forecasts Indian insurance premium growth at 6.9% annually between 2026 and 2030, the strongest rate among major markets. Research from IMARC Group values India's reinsurance market at $19.2 billion in 2024, projected to reach $41.5 billion by 2033.
Santam Group CEO Tavaziva Madzinga said Nico Conradie was joining at a transitional period for the company, and that his background would support its FutureFit 2030 strategy. Padia will return to his permanent role as Santam Re CFO at the start of March.
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