J.C. Flowers & Co. has agreed to purchase a controlling interest in Niyam Group, a reinsurance platform operating out of GIFT City in India.
The private equity firm will also serve as the lead investor for Niyam Syndicate 2047, a syndicate recently established at Lloyd’s.
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Niyam aims to link international capital with insurance opportunities in India and other growing markets.
The new Lloyd’s syndicate, named 2047 after India’s Vision 2047 plan, is set to begin underwriting on 1 April.
Niyam Group CEO and founder Bobby Swarup said: “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.”
Additionally, Niyam has appointed Devesh Srivastava as chairman of the group.
Srivastava has experience in the Indian (re)insurance sector, including roles in underwriting and institutional leadership.
J.C. Flowers & Co. managing director Jonathan Cox commented: “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.”
In June last year, J.C. Flowers completed the acquisition of Wefox’s Italian businesses, including wefox MGA and wefox Services Italy, through its managed funds.
