Private investment firm JC Flowers & Co. (JCF) has entered into an agreement to acquire a controlling stake in Niyam Group and serve as the lead investor in Lloyd’s newly formed consortium Niyam Syndicate 2047.
Launched by industry veteran Bobby Swarup earlier this year, Niyam is a GIFT City-based reinsurance platform that connects global capital to opportunities in India and other high-growth markets.
Niyam Syndicate 2047, recently approved and scheduled to commence underwriting on April 1, aims to support the growth of the Indian reinsurance market in line with India’s Vision 2047.
Just yesterday, Niyam was authorized to operate as a secondary insurance intermediary office (IIO) in GIFT City.
The company also announced the appointment of Devesh Srivastava, an Indian (re)insurance industry veteran with extensive experience in underwriting, organization building, governance and leadership, as Group Chairman.
Swarup, founder and CEO of Niyam Group, said: “I am extremely grateful for the support of JCF, which combines specialist reinsurance expertise with Lloyd’s and India’s successful investment track record.”
He continued: “The launch of Niyam Syndicate 2047 marks a historic milestone for the Indian insurance market. In line with the 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 in GIFT City.”
Jonathan Cox, Managing Director of JC Flowers & Co., commented: “We are delighted to become a major investor in Niyam and to support Lloyd’s Niyam Syndicate 2047. The establishment of Niyam represents an important step in the development of India’s domestic reinsurance market, which offers attractive growth and long-term opportunities.
“Niyam, headquartered in GIFT City, will be the first Indian reinsurer to offer AA-rated underwriting capabilities to cedants. We are pleased to partner with Bobby Swarup and his team to establish the company as a key contributor to the Indian reinsurance ecosystem.”
Thierry Porté, Managing Director and Vice Chairman of JC Flowers & Co, added: “From our long experience in India, we understand that the key to success in this important market is to connect excellent local talent with our extensive global network and financial services expertise.
“Niyam embodies this model. We are also pleased to launch operations in GIFT City, which provides an open, efficient and well-managed gateway for foreign capital into India.”