The newly formed Niyam Group announced that it has received Syndicate 2047 approval and underwriting license from Lloyd’s of London and appointed Devesh Srivastava as chairman of the group.
Founded in early 2026, Niyam is focused on building a reinsurance platform that connects global capital to 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 market to form Syndicate 2047, which will be managed by the Polo Management Agency (PMA).
Niyam Syndicate 2047 will support the growth of the Indian reinsurance market in line with India Vision 2047 and will commence underwriting from April 1, 2026.
Srivastava is a veteran of the Indian reinsurance industry with extensive experience in underwriting, organization building, governance and leadership.
Niyam’s appointment as chairman will enhance the board’s oversight as it advances its strategy in India and other high-growth markets.
Srivastava commented: “Niyam has a clear sense of purpose and disciplined approach to build a reinsurance platform that is rooted in India while being connected to global markets. The Group’s ambition to meaningfully contribute to India’s Vision 2047, backed by the strength and standards of Lloyd’s, is important. 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 at Syndicate 2047, added: “Now that the approval has been granted, our focus is on execution as the April 1 renewal approaches. We are confident in India and backed by an experienced underwriting team on the ground, supporting brokers and cedants with consistent capabilities and disciplined risk selection.”
Bobby Swarup, Founder and CEO of Niyam Group, said: “Lloyd’s approval of Syndicate 2047 is a pivotal moment for Niyam. Building this platform required clear purpose, courage, resilience and disciplined execution. I sincerely thank my team and all partners for their tireless efforts to get us to where we are today. We are fortunate to have Devesh as Chairman, and I am deeply grateful for his guidance and support, and I look forward to working closely together.”
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