South Africa’s largest insurer hits the brakes on the United States

• Santam has paused its foray into the US as a decline in property premium rates in the world’s biggest economy forced South Africa’s largest general insurer to rethink its expansion plan.
• US-based property and casualty insurers are facing a more complex operating environment, with softer pricing conditions and elevated weather-related losses hurting shareholder returns, Boston Consulting Group said in a report.
• Santam plans to utilize resources on its new venture with Lloyds of London known as Syndicate 1918 — a marketplace where brokers place risks with multiple underwriting syndicates — that will allow Santam to accelerate its goals of international growth and diversification.