Newly launched Niyam Group said it has received Lloyd’s of London approval for Syndicate 2047 and permission to begin underwriting. The company also named Devesh Srivastava as group chairman.
Niyam was established at the start of 2026 and is building a reinsurance platform designed to connect global capital with opportunities in India and other high-growth markets.
The aim is to support development of the broader reinsurance and insurance ecosystem, with India at the centre of the strategy.
Back in January 2026, Niyam received in-principle approval from Lloyd’s to establish Syndicate 2047. The syndicate will be managed by Polo Managing Agency.
Syndicate 2047 is intended to support growth in the Indian reinsurance market in line with India’s Vision 2047. It will begin underwriting from April 1, 2026.
Srivastava brings long experience across the Indian reinsurance and insurance market, including underwriting, institution building, governance, and leadership.
His appointment gives the board added weight as Niyam pushes ahead with its plans in India and other faster-growth markets.
Srivastava said Niyam has a clear purpose and a disciplined plan for building a reinsurance platform rooted in India but connected to global markets. He said the group’s ambition to contribute to India’s Vision 2047, backed by Lloyd’s standards and market strength, is timely and relevant.
Niyam has a clear sense of purpose and a disciplined approach to building a reinsurance platform rooted in India while connected to global markets.
Devesh Srivastava, group chairman, Niyam
- Sima Ruparelia, president and active underwriter of Syndicate 2047, said the focus now shifts to execution ahead of the April 1 renewals. She said the group has strong conviction in India and wants to support brokers and cedants with steady capacity and disciplined risk selection, backed by an experienced underwriting team on the ground.
- Bobby Swarup, founder and chief executive of Niyam Group, called Lloyd’s approval of Syndicate 2047 a major step for the business. He said building the platform required clear purpose, resilience, and rigorous execution. He also thanked the team and partners involved in the process and said Srivastava’s guidance and support will be valuable as the company moves forward.
The Group’s ambition to contribute meaningfully to India’s Vision 2047, supported by the strength and standards of Lloyd’s, is highly relevant.
“I look forward to working closely with the Board and management team, and engaging with the market as we build this platform,” Srivastava commented.
He also said he looks forward to working with the board and management team and engaging with the market as the platform develops.
