J.C. Flowers & Co. has agreed to acquire a controlling stake in Niyam Group and will also act as lead investor in Niyam Syndicate 2047, a newly established Lloyd’s syndicate tied to India’s reinsurance market.
The deal sets up an Indian reinsurance platform based in Gujarat International Finance Tec-City, or GIFT City, India’s only dedicated international financial services centre.
Niyam is positioning itself as a link between global capital and opportunities in India and other high-growth markets.
Niyam Syndicate 2047 will support development of the Indian reinsurance market in line with India’s Vision 2047, which also gives the syndicate its name. Underwriting begins on April 1. Timing matters here. The platform is moving straight into execution.
Niyam has also named Devesh Srivastava as chairman. He brings long experience across the Indian insurance and reinsurance market, with a background spanning underwriting, institution building, governance, and leadership.
Bobby Swarup, founder and chief executive of Niyam Group, said J.C. Flowers brings specialist reinsurance expertise along with a record of investing successfully at Lloyd’s and in India.
He described the launch of Syndicate 2047 as a historic point for India’s insurance market and said the platform will support the country’s fastest-growing insurance market from GIFT City while helping drive innovation and growth.
The launch of Niyam Syndicate 2047 marks a historic milestone for India’s insurance market. Aligning with India’s 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 from GIFT City.
Bobby Swarup, Founder and CEO, Niyam Group
Jonathan Cox, managing director at J.C. Flowers, said the firm is pleased to lead the investment in Niyam and support Syndicate 2047 at Lloyd’s. He said the business marks an important step in the development of India’s domestic reinsurance market, which he described as offering attractive growth and long-term opportunity.
The establishment of Niyam represents an important step in the development of India’s domestic reinsurance market, a market which offers attractive growth and long-term opportunity. Based in GIFT City, Niyam will be the first Indian reinsurer offering AA- rated capacity to cedants.
Jonathan Cox, Managing Director, J.C. Flowers & Co
He also said Niyam will be the first Indian reinsurer based in GIFT City to offer AA- rated capacity to cedants. That gives the platform a sharper market angle, especially for buyers focused on rating strength as much as access.
“We have enjoyed working with Bobby Swarup and team to establish the business as an important contributor to the Indian reinsurance ecosystem.”
Thierry Porte, managing director and vice chairman at J.C. Flowers, said the firm’s long experience in India has shown that success depends on connecting strong local talent with global networks and financial services expertise. He said Niyam reflects that model and added that GIFT City offers an open and efficient gateway for foreign capital entering India.
J.C. Flowers is a private investment firm focused on global financial services. Since its founding in 1998, the firm says it has invested more than $18 bn, including co-investment, across 73 portfolio companies in 19 countries spanning insurance, reinsurance, banking, securities, specialty finance, services, and asset management. It currently manages about $5 bn in assets and operates from New York, London, and Miami.
