Newly launched Niyam Group has received in-principle approval from the specialist Lloyd’s re/insurance marketplace to establish Syndicate 2047, which will be managed by Polo Managing Agency (PMA), part of the PoloWorks group, and is expected to start underwriting on April 1st, 2026.
The approval marks a significant milestone in the group’s plan to bring disciplined reinsurance capacity to India and high-growth markets in Asia and Africa.
Syndicate 2047 is the first Lloyd’s syndicate dedicated to supporting the Indian market, aligning with the firm’s vision of building economic resilience and with Viksit Bharat 2047, India’s national vision to become a developed economy by the centenary of its independence.
PMA and will work closely with Lloyd’s to complete the remaining regulatory, capital, and operational steps required ahead of the syndicate’s intended underwriting start date.
Bobby Swarup, Founder and Chief Executive Officer (CEO), Niyam Group, commented, “I am grateful to Lloyd’s, our investor J.C. Flowers & Co. and their adviser Macquarie Capital, and to our partners, Guy Carpenter and PoloWorks, for their belief in Niyam and its purpose. This marks the beginning of our vision 2047, dedicated to serving India and high-growth markets.”
Paul Andrews, CEO, PoloWorks, added, “Syndicate 2047 is a compelling and timely proposition. Niyam brings a clear underwriting vision, disciplined execution, and a strong commitment to supporting India and other high-growth markets. Lloyd’s in-principle approval is an endorsement of the team and the plan, and we are proud to manage the syndicate through the Lloyd’s market.”
Sima Ruparelia, President and Active Underwriter of Niyam Group, said, “Receiving in-principle approval from Lloyd’s is an important validation of our underwriting philosophy and long-term approach. We are focused on building a high-quality, sustainable syndicate that serves cedants and brokers, and supports market development, with consistency and discipline.”
Vicky Carter, Chairman – Global Capital Solutions, International, Guy Carpenter, stated, “India represents one of the most significant and exciting growth opportunities for the global reinsurance market. Niyam’s proposition of locally embedded leadership, combined with the capital and expertise of the Lloyd’s market, will unlock sustainable growth and strengthen market resilience. We are proud to be working with the Niyam team on this exciting venture.”
Last week, Polo Managing Agency launched three new Lloyd’s syndicates, namely Atradius Syndicate 1864, Aurora Syndicate 1890, and OAK Enterprise Syndicate 1440, which began underwriting from January 1st, 2026.
