Newly launched Niyam Group has announced that it has received approval from Lloyd’s of London for Syndicate 2047 and granted permission to underwrite, alongside the appointment of Devesh Srivastava as Chairman of the Group.
Established at the beginning of 2026, Niyam is focused on building a reinsurance platform that connects global capital with opportunities in India and other high-growth markets, supporting the development of the re/insurance ecosystem.
In January 2026, Niyam 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).
Niyam Syndicate 2047 will support the development of the Indian re/insurance market in alignment with India’s Vision 2047 and will commence underwriting from 1st April 2026.
Srivastava is an Indian re/insurance industry veteran, bringing extensive experience across underwriting, institution-building, governance, and leadership.
His appointment as Chairman strengthens Board oversight as Niyam advances its strategy across India and other high-growth markets.
Srivastava commented, “Niyam has a clear sense of purpose and a disciplined approach to building a reinsurance platform rooted in India while connected to global markets. The Group’s ambition to contribute meaningfully to India’s Vision 2047, supported by the strength and standards of Lloyd’s, is highly relevant. I look forward to working closely with the Board and management team, and engaging with the market as we build this platform.”
Sima Ruparelia, President and Active Underwriter of Syndicate 2047, added, “With approval now in place, our focus is on execution as we approach the 1 April renewals. We believe strongly in India and are here to support brokers and cedants with consistent capacity and disciplined risk selection, supported by an experienced underwriting team on the ground.”
Bobby Swarup, Founder and CEO of Niyam Group, said, “Lloyd’s approval of Syndicate 2047 is a pivotal moment for Niyam. Building this platform has required clarity of purpose, courage, resilience and rigorous execution. I am truly grateful to my team and all our partners who worked tirelessly to get us here. We are fortunate to have Devesh as Chairman, and I deeply appreciate his guidance and support, and I look forward to working closely together.”
