JC Flowers & Co. agreed to buy a majority stake in Niyam Group, a reinsurance platform operating in GIFT City in India.
The private equity firm will also act as lead investor in Niyam Syndicate 2047, a newly created syndicate at Lloyd’s.
Niyam aims to link international capital with insurance opportunities in India and other growth markets.
The new Lloyd’s syndicate, called 2047 after India’s Vision 2047 plan, will begin underwriting financing on April 1.
Niyam Group CEO and Founder Bobby Swarup said: “I am very grateful for the support of JCF, which combines specialist reinsurance expertise with a track record of successful investments at Lloyd’s and in India. The launch of Niyam Syndicate 2047 marks a historic milestone for the Indian insurance market.
“Aligning with India’s Viksit Bharat 2047 vision, 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 group president.
Srivastava has experience in the Indian (re)insurance sector, including roles in underwriting and institutional leadership.
JC Flowers & Co. CEO 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 that offers attractive growth and long-term opportunities.
“Based in GIFT City, Niyam will be the first Indian reinsurer to offer AA-rated capacity to cedants. We have enjoyed working with Bobby Swarup and his team to establish the business as a major contributor to the Indian reinsurance ecosystem.”
In June last year, JC Flowers completed the acquisition of Wefox’s Italian businesses, including wefox MGA and wefox Services Italy, through its managed funds.
“JC Flowers & Co. to acquire majority stake in Niyam Group” was originally created and published by Life Insurance International, a brand owned by GlobalData.
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