The newly formed Niyam Group has received in-principle approval from the specialist Lloyd’s re/insurance market to form Syndicate 2047, which will be managed by Polo Management Agency (PMA), part of the PoloWorks Group, and is expected to commence underwriting on 1 April 2026.
The approval marks a major milestone in the group’s plans to provide rigorous reinsurance capabilities to India and the high-growth markets of Asia and Africa.
Syndicate 2047 is Lloyd’s first syndicate dedicated to supporting the Indian market, in line with the company’s vision to build economic resilience and in line with Viksit Bharat 2047, the national vision for India to become a developed economy on the centenary of independence.
The PMA will work closely with Lloyd’s to complete the remaining regulatory, capital and operational steps required ahead of the syndicate’s scheduled underwriting commencement date.
Bobby Swarup, founder and chief executive officer (CEO) of Niyam Group, said: “I am grateful to Lloyd’s, our investor JC Flowers & Co. and its adviser Macquarie Capital, and our partners Guy Carpenter and PoloWorks for their trust in Niyam and its purpose. This marks the beginning of our Vision 2047, dedicated to serving India and high-growth markets.”
Paul Andrews, CEO of 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 approval-in-principle is recognition of the team and program and we are proud to manage the syndicate through the Lloyd’s market.”
Sima Ruparelia, president and active underwriter at Niyam Group, said: “Receiving Lloyd’s approval in principle is an important validation of our underwriting philosophy and long-term approach. We are committed to building a high-quality, sustainable syndicate that serves cedants and brokers and supports market developments with consistency and discipline.”
Vicky Carter, Chairman of Guy Carpenter International Global Capital Solutions, said: “India represents one of the most significant and exciting growth opportunities in the global reinsurance market. Niyam’s local leadership proposition, combined with the capital and expertise of Lloyd’s Markets, will deliver sustainable growth and enhance market resilience. We are proud to partner with the Niyam team on this exciting business.”
Last week, Polo Management Agency launched three new Lloyd’s syndicates, Atradius Syndicate 1864, Aurora Syndicate 1890 and OAK Enterprise Syndicate 1440, with underwriting commencing on January 1, 2026.