Mumbai: Niyam Group has announced a significant strategic milestone as J.C. Flowers & Co. (JCF) entered into an agreement to acquire a controlling stake in Niyam Group, while also acting as the lead investor in Niyam Syndicate 2047, a newly established syndicate at Lloyd’s.
This development positions Niyam Group as a key player in India’s evolving reinsurance ecosystem, with operations anchored in Gujarat International Finance Tec-City (GIFT City), the country’s only dedicated international financial services centre.
The move reinforces Niyam Group’s role in connecting global capital with high-growth opportunities in India and other emerging markets.
Niyam Group’s newly launched Niyam Syndicate 2047 at Lloyd’s is aligned with India’s Vision 2047 and is set to commence underwriting operations from April 1.
The initiative marks a major step in strengthening India’s domestic reinsurance capabilities while integrating global insurance capital into the market.
Further strengthening its leadership, Niyam Group has appointed Devesh Srivastava as Chairman. A veteran in the Indian (re)insurance industry, Srivastava brings extensive expertise in underwriting, governance, institution-building, and leadership to Niyam Group’s growth journey.
Commenting on the development, Bobby Swarup, Founder and CEO of Niyam Group, said: “I am very grateful for the support of JCF who combine specialist reinsurance expertise with a track record of successful investment at Lloyd’s and in India. The launch of Niyam Syndicate 2047 marks a historic milestone for India’s insurance market.
Aligning with India’s vision of Viksit Bharat 2047, we are proud to be the first Lloyd’s syndicate dedicated to supporting the world’s fastest-growing insurance market, driving innovation and growth from GIFT City.”
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Highlighting the investment, Jonathan Cox, Managing Director at J.C. Flowers & Co., stated: “We are delighted to be the lead investor in Niyam and support Niyam Syndicate 2047 at Lloyd’s. The establishment of Niyam represents an important step in the development of India’s domestic reinsurance market, a market which offers attractive growth and long-term opportunity.
Based in GIFT City, Niyam will be the first Indian reinsurer offering AA- rated capacity to cedants. We have enjoyed working with Bobby Swarup and team to establish the business as an important contributor to the Indian reinsurance ecosystem.”
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Adding further perspective, Thierry Porté, Managing Director & Vice Chairman at J.C. Flowers & Co., said: “In our long experience in India, we have learned that the key to success in this important market is to connect outstanding local talent to our extensive global network and expertise in financial services.
Niyam exemplifies this formula. We are also pleased to operate in GIFT City which provides an open, effective and well-managed gateway for foreign capital into India.”
With this investment and the launch of its Lloyd’s syndicate, Niyam Group is set to play a pivotal role in shaping the future of India’s reinsurance landscape, leveraging global expertise, strong leadership, and a strategic base in GIFT City.
