Niyam Group has been authorized to operate as a secondary insurance intermediary office (IIO) in GIFT City with Sumit Aneja appointed as the chief officer.
The company was founded in January by Bobby Swarup, an insurance industry veteran with more than two decades of experience.
Niyam is an Indian business focused on bringing additional reinsurance capital into the market.
The vision is reportedly to strengthen economic resilience and achieve equitable growth, in line with India’s Viksit Bharat 2047 ambitions.
Earlier this month, Niyam also received Syndicate 2047 approval from Lloyd’s of London and received underwriting approval.
The company said it was “truly grateful” to IFSCA for its support and guidance as it became the first IIO to deliver services to Lloyd’s of London from GIFT City.
Sumit Aneja will be based in GIFT City, where he will lead Niyam’s efforts to build and expand its business in India.
Aneja commented: “After being closely involved in the creation of Niyam and Syndicate 2047, I am now focused on building a high-performing organization.
“I am grateful to Niyam’s board of directors, regulators and our partners for their continued support. I look forward to working closely to realize Niyam’s Vision 2047.”
“Building our team in GIFT City is critical for Niyam and reflects our belief in the long-term growth of the Indian re/insurance market,” the company added.
