Private Equity Firm Invests in Indian Reinsurance Platform
J.C. Flowers & Co has struck a deal to acquire a controlling stake in Niyam Group, a reinsurance platform based in India’s GIFT City. The firm will also become the lead investor for Niyam Syndicate 2047, a newly formed syndicate at Lloyd’s of London.
Niyam’s primary objective is to bridge the gap between international capital and the burgeoning insurance opportunities within India and other high-growth markets.
Syndicate 2047, named in honour of India’s Vision 2047 plan, is scheduled to commence underwriting operations on April 1st.
Bobby Swarup, CEO and founder of Niyam Group, expressed his gratitude for J.C. Flowers’ support. "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," he stated.
In a further strategic move, Niyam has appointed Devesh Srivastava as the group’s chairman. Srivastava brings a wealth of experience in the Indian (re)insurance sector, encompassing underwriting and institutional leadership roles.
Jonathan Cox, Managing Director at J.C. Flowers & Co, remarked: "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."
Last June, J.C. Flowers finalised the acquisition of Wefox’s Italian operations, including wefox MGA and wefox Services Italy, through its managed funds.
Key Figures
| Name | Role |
|---|---|
| Bobby Swarup | CEO and Founder, Niyam Group |
| Devesh Srivastava | Chairman, Niyam Group |
| Jonathan Cox | Managing Director, J.C. Flowers & Co. |
