J.C. Flowers & Co. has announced an agreement to acquire a controlling stake in Niyam Group while also serving as lead investor in Niyam Syndicate 2047, a newly established syndicate at Lloyd’s. The move marks the creation of a new reinsurance platform designed to connect global capital with opportunities in India and other high-growth markets.
Niyam is headquartered in Gujarat International Finance Tec-City, known as GIFT City, India’s dedicated international financial services center. The company aims to support the development of India’s domestic reinsurance market, which continues to expand alongside the country’s broader financial ecosystem.
Niyam Syndicate 2047 is expected to begin underwriting on April 1 and will align with India’s long-term Vision 2047 initiative. The syndicate is positioned as the first at Lloyd’s specifically focused on supporting India’s rapidly growing insurance market. It will also provide AA- rated capacity to cedants, marking a milestone for the country’s reinsurance capabilities.
As part of the announcement, Niyam appointed Devesh Srivastava as Chairman. Srivastava brings extensive experience across underwriting, governance, and leadership within the Indian insurance and reinsurance sectors.
J.C. Flowers & Co., a global private investment firm focused on financial services, has invested more than $18 billion across 73 portfolio companies in 19 countries since its founding in 1998. The firm sees the Indian reinsurance market as a long-term growth opportunity and views Niyam as a strategic platform to participate in that expansion.
The partnership reflects a broader trend of increasing global capital flowing into India’s financial services sector, particularly in areas such as insurance and reinsurance where demand continues to rise.
KEY QUOTES:
“I am very grateful for the support of JCF who combine specialist reinsurance expertise with a track record of successful investment at Lloyd’s and in India. 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
“We are delighted to be the lead investor in Niyam and support Niyam Syndicate 2047 at Lloyd’s. 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. We have enjoyed working with Bobby Swarup and team to establish the business as an important contributor to the Indian reinsurance ecosystem.”
Jonathan Cox, Managing Director, J.C. Flowers & Co.
“In our long experience in India, we have learned that the key to success in this important market is to connect outstanding local talent to our extensive global network and expertise in financial services. Niyam exemplifies this formula. We are also pleased to operate in GIFT City which provides an open, effective and well-managed gateway for foreign capital into India.”
Thierry Porté, Managing Director And Vice Chairman, J.C. Flowers & Co.
