Private investment firm J.C. Flowers & Co. (JCF) has entered into an agreement to acquire a controlling stake in Niyam Group whilst also acting as lead investor in Niyam Syndicate 2047, a newly established syndicate at Lloyd’s.
Launched earlier this year by industry veteran Bobby Swarup, Niyam is a reinsurance platform headquartered in GIFT City that connects global capital with opportunities across India and other high-growth markets.
Niyam Syndicate 2047, recently approved and set to begin underwriting on 1 April, is designed to support the development of the Indian reinsurance market in line with India’s Vision 2047.
Just yesterday, Niyam received authorisation to operate as a Tier 2 Insurance Intermediary Office (IIO) in GIFT City.
The firm has also announced the appointment of Devesh Srivastava as Group Chairman, an Indian (re)insurance industry veteran with deep experience spanning underwriting, institution-building, governance and leadership.
“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,” said Swarup, Founder and CEO, Niyam Group.
He continued, “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.”
Jonathan Cox, Managing Director, J.C. Flowers & Co., commented, “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.”
Thierry Porté, Managing Director & Vice Chairman, J.C. Flowers & Co., added, “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.”
