Exclusive: Niyam Group receives in-principle approval for India-focused Lloyd's syndicate

Bobby Swarup-led Niyam Group has received in-principle approval from Lloyd’s Council for the launch of a syndicate focused on bringing reinsurance capital to the Indian market, multiple senior Lloyd’s market sources told The Insurer.

The startup, set to be Syndicate 2047, is intended to launch officially on April 1, 2026, with formal underwriting approvals expected in the first quarter.

Guy Carpenter has advised on the launch of the syndicate, which will focus on bringing reinsurance capacity to India to support the growth of its economy and the country’s reinsurance market. Two senior sources said this will be the first syndicate focused entirely on risks from India.

One senior Lloyd’s source said the goal of supporting Indian economic growth was reflected in its number, 2047, which was selected in relation to the Indian government’s Viksit Bharat 2047 initiative.

The initiative is for India to become a developed country by its 100th year of independence, with a focus on growing its GDP from current levels to a potential $30 trillion, as well as becoming a technology-driven economy.

Niyam Group was founded in late 2025 by former managing director of Volante Global’s Imara, Bobby Swarup.

The group has also hired Sima Ruparelia as president and active underwriter, she announced in a LinkedIn post on January 5, 2026. Ruparelia previously worked as chief actuarial and risk officer at PartnerRe.

Polo Managing Agency has been selected as the third-party managing agent for Syndicate 2047.

Working with Niyam marks the latest in a number of new syndicate launches for Polo, with the turnkey managing agency most recently partnering with Atradius Syndicate 1864, Oak Enterprise Syndicate 1440 and Aurora Syndicate 1890. The trio commenced underwriting on January 1, 2026.

INDIA REINSURANCE MARKET GROWTH

The Indian reinsurance market has built significant momentum in the last year, with adjustments to foreign investment regulations and a number of entries into Gujarat International Finance Tec-City (GIFT City).

On December 16, 2025, India’s federal cabinet introduced a bill allowing 100% foreign direct investment in the insurance sector, up from the previous limit of 74%. This move was welcomed by the market.

That same month, GIC Re’s interim chairman and managing director Hitesh Ramesh Chandra Joshi told The Insurer that there had been a surge in new licenses for India’s GIFT City.

The GIFT City, a special economic zone regulated by the International Financial Services Centres Authority, is intended to offer insurance companies a business-friendly environment including no local capital requirements for branches.

GIC Re was the first entity to set up in GIFT City in 2017, while Berkley Insurance Company received regulatory approval to open a branch office in 2024. New entrants in 2025 included Everest Reinsurance in September, Starr in October and Korean Re in November.

Lloyd's, Guy Carpenter, Niyam Group and Polo declined to comment.