Bobby Swarup, an insurance industry veteran with more than two decades of experience, has announced the establishment of a new company, Niyam Group, in India, which will bring more reinsurance capital to the market.
Niyam’s vision is to build economic resilience and achieve equitable growth, in line with India’s Viksit Bharat 2047 ambitions.
“Niyam is generally understood as rules in Hindi. But in Sanskrit, it is a code of conduct, a set of guiding principles for living a purposeful life. The Niyam Group will embody this idea into a principles-driven organization with a clear sense of purpose,” said founder Swarup.
In the past, Swarup has held various executive leadership positions, including six years as Managing Director of Imara at Volante Global, Chief Financial Officer of GGH Ltd., Non-Executive Director of Ensure Insurance (now Allianz Nigeria) and Director of Ernst & Young (EY) for 13 years.
Additionally, Sima Ruparelia has been appointed President and Active Underwriter of Niyam Group. As a founding member, she will work with Swarup to grow the business.
Most recently she was a non-executive director of British Gas Services Ltd and chief actuary and risk officer and UK branch manager of PartnerRe.
In the past, Ruparelia served as chief actuary for the UK, Europe, MEA, Global Specialty and Talbot as chief actuary for EMEA at global insurance company AIG.
Previously, she also served as Head of Reinsurance Provisioning and Legal Entity Actuarial Functions at XL Catlin, Group Actuary and Group Head of Economic Reporting at Catlin, and as a Senior Manager at Ernst & Young.
Ruparelia said: “Niyam means principles and this ethos is at the core of how we operate. We are building a principles-led reinsurance business based on rigorous underwriting, long-term partnerships and purposeful leadership.
“Our vision to 2047 is to support the economic resilience of India and other emerging markets. As I move into the next phase, I want to thank my colleagues and team at PartnerRe. I look forward to connecting with brokers, partners and industry colleagues to shape the journey ahead.”