Niyam is a reinsurance platform based in GIFT City, connecting global capital with opportunities in India and other high-growth markets. Niyam Syndicate 2047 at Lloyd’s will support the development of the Indian reinsurance market in alignment with India’s Vision 2047, reflected in its name. It will commence underwriting from 1 April.
Mumbai/London: J.C. Flowers & Co. (“JCF”), a private investment firm dedicated to investing in the global financial services industry, has entered into an agreement to acquire a controlling stake in Niyam Group (“Niyam”) which has set up Niyam Syndicate 2047 at Lloyd’s that will support the development of the Indian reinsurance market.
J.C Flowers is also a lead investor in Niyam Syndicate 2047.It will commence underwriting from 1 April with former GIC Re CMD Devesh Srivatava as its chairman.
Niyam is a reinsurance platform based in GIFT City, connecting global capital with opportunities in India and other high-growth markets.
Bobby Swarup, Founder and CEO, Niyam Group, said,”The launch of Niyam Syndicate 2047 marks a historic milestone for India’s insurance market.
Jonathan Cox, Managing Director, J.C. Flowers & Co., said,”We are delighted to be the lead investor in Niyam and support Niyam Syndicate 2047 at Lloyd’s. Based in GIFT City, Niyam will be the first Indian reinsurer offering AA- rated capacity to cedants. “
Thierry Porté, Managing Director & Vice Chairman, J.C. Flowers & Co., said,”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. “
J.C. Flowers & Co. is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has invested more than $18 billion of capital, including co-investment, in 73 portfolio companies in 19 countries across a range of industry subsectors including insurance and reinsurance, banking, securities firms, specialty finance, services and asset management. With approximately $5 billion of assets under management, J.C. Flowers & Co. has offices in New York, London and Miami.