Niyam Group has received authorisation to operate as a Tier 2 Insurance Intermediary Office (IIO) in GIFT City, with Sumit Aneja appointed as Principal Officer.
Niyam is an Indian venture focused on bringing additional reinsurance capital into the market.
Its vision is to reportedly build economic resilience and enable equitable growth, aligned with India’s ambition of Viksit Bharat 2047.
Earlier this month, Niyam also secured approval from Lloyd’s of London for Syndicate 2047 and was granted permission to underwrite.
The firm said it is “truly grateful” to IFSCA for its support and guidance, as it becomes the first IIO to offer Lloyd’s of London capacity from GIFT City.
Sumit Aneja will be based in GIFT City, where he will lead efforts to establish and scale Niyam’s operations in India.
Aneja commented, “Having been closely involved in setting up Niyam and Syndicate 2047, I’m now focused on building a high-performing organisation.
“I’m grateful to the Niyam Board, the regulator, and our partners for their continued support. I look forward to working closely together to deliver Niyam’s Vision 2047.”
“Building our team in GIFT City is fundamental to Niyam and reflects our conviction in the long-term development of India’s re/insurance market,” the firm added.
