Speaking at the global forum for terrorism risk pools and their stakeholders, Gallagher framed his remarks around the idea that disruption has always been a constant.

Reflecting on Sydney’s history, he pointed to both its colonial past and more recent economic transformation, before turning to the present day. He described the current environment as one of “profound change, risk and dislocation,” echoing the World Economic Forum’s characterisation of a “polycrisis” where multiple risks compound.

Within that context, Gallagher said terrorism continues to evolve in both form and impact. “We know that in such stress, bad faith actors, motivated by grievance, lash out against the world. Their tool is terror,” he said.

Referencing incidents from Sydney and beyond, he noted that while terrorism is not new, its manifestation is changing, with actors increasingly blending into organised criminal networks to enhance “their resilience, financial resources, and operational reach.”

Gallagher drew on analysis from Guy Carpenter and Marsh’s latest terrorism risk research to trace the evolution of threat actors from hierarchical organisations in the 1990s to “digitally connected cells in the 2000s,” then “dispersed ideological networks in the 2010s,” and now “interlinked state and non state actors.”

At the same time, he said, the nature of attacks has shifted from large scale property damage to incidents focused on people, with “increased frequency, more moderate severity, and a wider array of variation in targets, weapons, and tactics.”

Motivations, he added, now range widely, from religious and political drivers to “nihilistic fury,” while the tools available to attackers have expanded to include cyber capabilities, artificial intelligence, drones and encrypted communications. Gallagher warned that cyber attacks in particular will increasingly move beyond data breaches towards the disruption of critical infrastructure, affecting “transport, health, electricity, water, banking or any of the systems we depend on.”

For the reinsurance sector, this creates a far more complex and interconnected risk environment. Gallagher said reinsurers must now navigate “an increasingly complex risk landscape where traditional models must evolve to capture new threat vectors,” including cyber terrorism, political violence and chemical, biological, radiological and nuclear risks.

Against this backdrop, he positioned reinsurance as a key component of societal resilience. “We are part of the antidote to terror,” Gallagher said, arguing that the sector’s role is not only financial but structural. “Our work in reinsurance is about the economic systems and structures that help individuals, businesses and communities bounce back,” he said, pointing to both the immediate and longer term economic consequences of attacks.

Gallagher linked this directly to the legacy of the September 11 attacks, which he described as a defining moment for the industry. He noted that the event reshaped the understanding of terrorism risk and led to the creation of public private solutions such as the Terrorism Risk Insurance Act, which established a federal reinsurance backstop in the United States. This, he said, demonstrated how governments and industry can work together to “stabilise markets and protect economies.”

A central focus of Gallagher’s address was the development and ongoing importance of terrorism reinsurance pools. Reflecting on their origins, he said they emerged from the recognition of a “market failure or protection gap,” when private insurance capacity alone proved insufficient to meet demand. Over time, however, their role has expanded significantly.

“What began as a response to a specific shock has become a dynamic platform for managing an ever changing risk landscape,” Gallagher said. He highlighted how many pools have broadened their scope to include not only traditional terrorism risks but also chemical, biological, radiological and nuclear threats, alongside business interruption and cyber terrorism.

He pointed in particular to recent legislative changes in Australia to include state sponsored terrorism within the pool’s remit, noting that this “matters enormously in a world where the line between a rogue individual and a hostile state actor is increasingly hard to draw.” This clarity, he added, helps provide policyholders with appropriate protection while allowing insurers to innovate around defined coverage boundaries.

Gallagher also stressed the scale of capacity that pools bring to the market. He noted that traditional terrorism treaty reinsurance capacity is around USD 4 billion for a programme, compared with USD 100 billion available through TRIA and more than USD 10 billion provided by Australia’s pool. This disparity underlines, in his words, “the importance of the pools in providing terrorism capacity to support the community and business.”

He reinforced this point by referencing the scale of past losses, noting that the World Trade Center attack remains the costliest terrorism event in history, with losses exceeding USD 40 billion at the time and significantly more in today’s terms.

A key technical theme running through Gallagher’s speech was the importance of retrocession in underpinning these structures. “Central to this evolution is the importance of retrocession protection,” he said. “By securing appropriate retrocession, pools can manage peak exposures, protect their balance sheets and maintain the reinsurance market to support terrorism.”

Without access to sufficient retrocession, Gallagher warned, the ability of pools to absorb large losses and provide consistent capacity would be “significantly diminished.” He added that this layer is becoming even more important given the current geopolitical environment and the potential for more systemic and correlated losses.

Gallagher also explored how terrorism pools are evolving to meet future challenges. He pointed to increasing interest in alternative risk transfer solutions, including parametric products, as well as growing investment in data analytics and probabilistic modelling to support more accurate pricing and risk assessment. These advances, he said, are helping to facilitate investor confidence and broaden the sources of capital available to the market.

He highlighted the role of capital markets through the issuance of catastrophe bonds, citing examples such as the UK’s Pool Re and France’s GAREAT. These transactions, he said, are bringing new investors into the terrorism risk space and “putting more distance between the taxpayer and potential loss.”

In addition, Gallagher noted that some pools are investing in risk reduction initiatives, including partnerships with governments to enhance counter terrorism capabilities and encourage businesses to adopt protective security measures. He also pointed to the expansion of cyber terrorism coverage as a reflection of the growing importance of digital threats alongside physical attacks.

Looking ahead, Gallagher cautioned that any reduction in government support for terrorism pools would need to be carefully managed. Any material change, he said, should be gradual and clearly signalled to the market to avoid disruption and ensure that adequate capacity remains available.

He concluded by emphasising that terrorism risk remains inherently systemic and requires sustained collaboration across the public and private sectors. IFTRIP, he said, plays a vital role in facilitating that collaboration, providing a forum where pools, policymakers and industry participants can share insights and develop coordinated responses.

Ultimately, Gallagher’s message was that terrorism reinsurance pools, supported by strong retrocession and public private partnerships, are not simply mechanisms of last resort. They are, as he put it, “proven strategic tools” that enable markets to function, support economic resilience and ensure that protection remains available in an increasingly uncertain world.

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Dr. Bartholomew takes on his new role at Guy Carpenter on June 1st, 2026. He will be based in London and will report to David Lightfoot, Managing Director, Global Analytics and Advisory, Guy Carpenter.

In his new role, Dr. Bartholomew will work closely with the broking team to drive further growth in the emerging parametric risk transfer space to deliver robust solutions for clients.

Dr. Bartholomew founded FloodFlash in 2017 with Adam Rimmer. The parametric flood insurance company was acquired by NormanMax Insurance Holdings last year. Prior to founding FloodFlash, Dr. Bartholomew spent five years at Moody’s RMS as a senior consultant in the capital markets advisory team.

“We are excited to welcome Ian as we continue to expand our parametric advisory capabilities. Parametric solutions are an important part of the global risk management ecosystem, providing a transformative approach to risk transfer that is gaining traction across the reinsurance market. Ian’s extensive expertise and leadership in the design and implementation of parametric solutions will be instrumental for our clients as they seek to adopt these innovative mechanisms,” said Lightfoot.

Dr. Bartholomew commented: “Joining Guy Carpenter represents an exciting opportunity to advance the role of parametric advisory in today’s dynamic risk landscape. With the increasing unpredictability of global events, it’s crucial to develop solutions that are not only innovative and responsive but also practical.”

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The discussion featured Jeremy Goodman, Chief Client & Growth Officer for Guy Carpenter, the reinsurance business of Marsh, who outlined how the industry is adapting to the surge in large-scale digital infrastructure projects and the growing need for new insurance structures.

Goodman, reflecting on more than four decades in the insurance industry, highlighted how the role of data centres within the risk landscape has changed.

“The reinsurance market’s been underwriting data centres for decades,” Goodman said. “What has changed? It’s not the asset class, it’s the scale and the concentration.”

According to Goodman, the current development pipeline illustrates just how quickly the sector is expanding. “We’re currently tracking more than 1500 data centre projects globally, with over 900 of them still in planning, and more than 50 projects exceeding seven and a half billion dollars in capital,” he said, noting that many of these developments are clustered around major power hubs in the United States.

“That level of pipeline and capital intensity is unprecedented for what was historically viewed as a diversified commercial property segment,” he explained. “Digital infrastructure is shifting the diversified commercial property segment to more of a systemically concentrated infrastructure risk, and reinsurance needs to evolve from being transactional capacity to structural capital architecture.”

Goodman emphasised that while the nature of the asset class itself is not new, the magnitude of exposure has changed significantly.

At the same time, he pointed to the considerable amount of capital available to support the sector. “There’s an excess of $650 billion of dedicated global reinsurance capital, and that’s growing at roughly 10% year over year,” Goodman said. “About $125 billion of that capital now comes from alternative sources – pension funds, sovereign wealth funds, institutional investors – all seeking diversified asset classes.”

“So, the issue is not a shortage of capital,” he added. “The issue is how efficiently and intelligently we can deploy that capital and structure it.”

Ultimately, Goodman feels that “digital infrastructure represents one of the most significant capital deployment opportunities for the reinsurance market in a generation,” but he was quick to note that there are some shifts taking place.

One of the most significant structural changes involves the way large data centre campuses are being developed. “These large AI enabled campuses are clustering around constrained power nodes,” Goodman said. “These campuses share transmission infrastructure, substations, cooling systems, and often similar supply chains.”

This interconnected infrastructure means a single failure could affect multiple sites at once. “A single transform or a grid outage or extreme weather event can impact multiple campuses simultaneously,” he explained. “And given the size of these hyperscale campuses, the severity of loss escalates materially, both for property damage, delay in startup, and business interruption.”

As a result, reinsurers are increasingly assessing risks at an ecosystem level rather than looking at individual facilities. “Reinsurers are increasingly underwriting these ecosystems, not just the individual buildings,” Goodman said. “Data centres are no longer just large buildings, they’re concentrated power ecosystems.”

The market is beginning to respond with new insurance structures. Goodman pointed to “portfolio placements, sponsored risk pools and mutual structures that are supported by quota share and collateralised reinsurance” as examples of how capital can be deployed more efficiently across multiple projects.

Another development involves construction portfolio programmes. “We’re also seeing innovation in construction. Portfolio builders risk programmes can predefine eligibility criteria, engineering standards and risk controls across multiple projects,” he said. This approach allows developers to place several builds under a single framework rather than constructing separate insurance towers for each project. “When the projects scale, the insurance programme has to scale with them, structurally, not incrementally,” Goodman noted.

To conclude his opening remarks, Goodman said: “The market is not retreating from digital infrastructure, it’s innovating around it. And with more than 1500 projects globally, dozens exceeding seven and a half billion, digital infrastructure has become systemically important, and the strategic implications for the reinsurance sector are clear. It’s one of the largest capital deployment opportunities, but it requires a shift in mindset from transactional placement to structural capital architecture. From insuring buildings to underwriting interconnected infrastructure systems.

“The opportunity is significant. The capital exists. The challenge is our ability to structure intelligently, manage the aggregation rigorously and aligning deployment with multi-campus growth pipelines. And as digital infrastructure scales, risk capital must evolve from annually placement to strategic capital architecture.”

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In his new role, Paas will lead the broker’s expansion and strengthen its investment banking capabilities across Continental Europe.

Paas has extensive international experience in capital markets and M&A advisory, having spent over three decades in the industry.

Since 2016, he has served as a Principal at Cresta Investments, Inc., managing commercial real estate investments.

Before this, he served as Global Head of Strategy at QBE Insurance, Managing Director at Bank of America Merrill Lynch and Morgan Stanley, and Global Head of Strategy, M&A and Consulting at Zurich Insurance Company Ltd.

Earlier in his career, Paas served as the Group Chief Financial Officer of Hampton Re, and
Vice President of JP Morgan Chase & Co.

Guy Carpenter said, “His leadership comes at a pivotal time as we continue to grow our practice and support our clients with tailored solutions in a rapidly evolving insurance market.

“Please join us in congratulating Al on his new role and wishing him success as he drives our continued growth and innovation in Capital & Advisory.”

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In his new role, De Benedetto will oversee and coordinate the firm’s commercial strategy in the country.

His responsibilities include enhancing executive-level engagement with key partners and supporting clients in addressing increasingly complex risk challenges.

The position is central to reinforcing Guy Carpenter’s role as a strategic advisor within the reinsurance market.

De Benedetto brings more than 18 years of experience in the insurance and reinsurance industry. Since joining Guy Carpenter in 2023, he has held senior leadership positions, including Strategic Growth Leader Italy and Senior Vice President – Head of Facultative Reinsurance in the Greater Milan area.

Prior to his tenure at Guy Carpenter, De Benedetto spent over seven years at Cicor Internacional Correduría de Seguros y Reaseguros, S.L., where he served as Group Chief Executive Officer and General Manager. He also led Cicor Global Marine as Chief Executive Officer, overseeing insurance and reinsurance brokerage activities across Spain.

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Launched in 2023 and led locally by Ecuador’s Ministry of Agriculture, Livestock and Fisheries (MAGP), the project has focused on developing parametric insurance solutions that trigger automatic payouts when rainfall exceeds predefined thresholds or when drought conditions persist beyond set limits.

The two new products, covering extreme rainfall and drought risk, were developed by IDF member organisations including AXA Climate, Guy Carpenter México Intermediario de Reaseguro S.A de C.V, and Blue Marble, in collaboration with MAGP, with local insurer Hispana de Seguros acting as the policy implementer on the ground.

“The parametric policies, now live, are designed to deliver faster and transparent insurance payouts, helping farming families recover quickly from climate events and reinvest in subsequent planting cycles,” the IDF explained.

Product placement was supported by premium financing from the ISF for the initial coverage period.

As a result, 2,511 smallholder rice and yellow maize producers in the climate-vulnerable provinces of Guayas, Los Ríos, Manabí and Loja reportedly have coverage for the first planting cycle (January – May 2026), of which 44% are women smallholders, and 15% are young people, up to 29 years old.

It is expected that at least 300 more producers will have coverage for the second cycle (July – November 2026), with different climatic conditions taken into account.

Juan Carlos Vega, Ecuador’s Minister of Agriculture, Livestock and Fisheries, commented on the news, “These parametric insurance policies align with our commitment to provide smallholder farmers with tools that strengthen their sustainability, especially in the face of rising climate change challenges. It is a tool that financially protects them from climate risks and contributes to our country’s food sovereignty.”

Dr. Katharina Stasch, Director-General for Multilateral Development Policy; Transformation; Climate, German Federal Ministry for Economic Cooperation and Development (BMZ) said, “As climate risks continue to rise, collaboration between government, insurance and development partners is more critical than ever.

“The landmark insurance policies in Ecuador are an example of how countries can unlock resilience through insurance and risk management, creating a win-win where smallholder farmers are protected, local insurance markets strengthened and the country’s agricultural sector bolstered against risks.”

Dr. Nerea Vadillo, AXA Climate Public Sector Technical Lead / IDF Ecuador Project Co-Lead, noted, “Through the Tripartite Agreement Programme, IDF members have helped deliver a solution that protects vulnerable farmers on the ground today while strengthening Ecuador’s long-term financial resilience to climate risk.

“This is what building future-ready nations looks like: scalable, country-led solutions that enable faster recovery, informed decision-making, and greater resilience for those most exposed to climate shocks.”

Marcos Neto, UN Assistant Secretary-General and Director of UNDP’s Bureau for Policy and Programme Support, added, “This milestone in Ecuador demonstrates how insurance can be used as a powerful tool for inclusive and climate-resilient development. As countries face rising climate threats, Ecuador’s model offers a scalable and sustainable pathway for governments to protect smallholder farmers and their substantial contributions to the economy and food security.”

Dr. Annette Detken, Head of InsuResilience Solutions Fund (ISF), observed, “This innovative public-private partnership demonstrates how government leadership, industry expertise, and development finance can come together to build scalable solutions for the most vulnerable.

“With these two pioneering policies now live, financial resources can flow quickly and predictably to farmers when drought and floods strike, helping to safeguard lives and livelihoods.”

Inka Mattila, UNDP Ecuador Resident Representative, said, “This insurance not only protects crops, it also protects the dreams and hard work of thousands of rural families who feed the country. We are sowing trust to reap resilience.”

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The report from JP Morgan states that European reinsurers struggled at the start of 2026, falling 4.2% on average (worse than the SXIP’s 2% drop). Hannover Re and Munich Re saw the largest declines, down 7% and 6%, respectively, while Swiss Re fell less, and SCOR actually posted a YTD share price increase.

“The main driver has been positioning in the space, in our view, with top down themes driving performance. Reinsurance fell out of favour after the reinsurance brokers reported the highest price declines since the late 1990s with Guy Carpenter pointing to 12% price declines at the January renewals,” JP Morgan explains.

Reinsurance brokers reported significant price drops for property catastrophe business, with prices reduced 12% for the Global property catastrophe business, 15% for Europe and 12% for the US, although this was from a high base.

Property cat pricing saw its largest decline since the last “soft cycle” (2013-2017) at 11.2%, according to Guy Carpenter data. A larger annual price decrease for property cat has not been recorded since 1998, which saw a 15% drop.

Current pricing levels remain higher than those in 2022 (before the significant rise in 2023), but the difference has narrowed to approximately 7% from the roughly 30% gap observed during 2024, according to analysts.

“Broker reports suggest that attachment points have largely held up, so profitability is likely still better than the pricing level suggests, but it has materially reduced in the last 2 years,” said analysts.

European reinsurers tend to report price changes on a more diversified basis than reinsurance brokers, and these changes are never as dramatic as those the brokers report.

SCOR and Hannover Re have recently announced price changes, with a 1.9% decline reported by SCOR and a 3.2% decline by Hannover Re. These price reductions raise questions about top-line growth potential, as lower prices typically make growth more challenging.

SCOR managed to achieve top-line growth near 15%, significantly exceeding its 4-6% target. This was driven by a 4.7% growth in its traditional book and an increase of over 80% in its alternative solutions business.

Hannover Re’s premium increased by 3.3% at the January 2026 renewals. This figure fell short of the company’s guidance for 2026, which anticipated a mid-single-digit level increase, analysts noted.

“We think that the price declines relative to the brokers headlines are reassuring. But we had not expected anything different. Top lines have been more mixed however, with Hannover Re maintaining its mid single digit growth guidance despite achieving growth of 3.3% at the January renewals,” JP Morgan concluded.

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Guy Carpenter, the reinsurance broking division of Marsh, had a strong 2025 with revenues of $2.5 billion, an increase of 6% on the prior year supported by a solid end to the year with Q4 revenues of $215 million.

Despite the robust result, during a recently held earnings call, executives at Guy Carpenter and Marsh were questioned on the outlook for the reinsurance business in light of accelerated softening, particularly within property, and how this could impact potential organic growth for Guy Carpenter.

“We had a decent finish to the year in a good year overall at Guy Carpenter, in what was a soft market last year. And so, we expected a challenging market into 2026, and certainly the first of the year would indicate that we’re getting kind of what we expected,” said John Doyle, President and Chief Executive Officer (CEO) of Marsh.

He went on to note that this is of course good for the firm’s cedent clients, so buyers of reinsurance, adding that Guy Carpenter has seen demand increase in some spots, which was less evident last year.

“So, we’re excited about that, but we’re also focused on some different areas to advise clients on in the reinsurance and capital space,” said Doyle.

Dean Klisura, President and CEO of Guy Carpenter, also responded to the question, emphasising that the property cat rate environment, alongside the interest rate landscape, will certainly be a headwind for the company as it moves through 2026.

However, Klisura remains “really upbeat” on the fundamentals of Guy Carpenter, with both its talent and capabilities.

“Our data and analytics platform is a key differentiator. We continue to attract top talent at GC. We’ve grown our head count for five years in a row and made some really big time hires in the marketplace that are making an impact on the business. Despite all this… we had record new business in 2025 and a really strong fourth quarter of new business, and we feel good about that momentum,” said Klisura.

The CEO continued, highlighting numerous potential tailwinds, including diverse areas of new business.

“I’ve spoken in the past about capital and advisory, our investment banking group, never more impactful for our clients, given the flow of third-party capital into the marketplace right now. I highlighted that in data centers. We’re winning impactful engagements from our clients around M&A advisory, raising third-party capital, fairness opinions. You’ve read a lot about sidecars, billions of dollars of new capital flowing into the market for the creation of casualty sidecars. We’re right in the middle of that. A lot of client interest, as you know, around Lloyd’s platforms, quite a bit written about that. Structured solutions. Obviously a red hot cat bond market. So, there’s a lot to kind of think about,” said Klisura.

Additionally, Klisura described the casualty market as a “clear growth opportunity for brokers and reinsurers.”

“Even though renewal outcomes were in line with expectations, we think this is a true area of growth. Martin talked about 19% rate increases in casualty in the fourth quarter. That’s flowing straight through to quota share contracts in our portfolio, which is the majority of our portfolio. You think about casualty sidecars, third-party capital, everything happening in the casualty world, we’re seeing strong growth in our casualty portfolio at 1.1. So, we think we have plenty of sources of new business growth and opportunities for growth that maybe didn’t even exist a year ago,” he said.

Doyle added: “We will have headwinds, obviously, for the pricing market in property cat, but lots of areas of growth for us to get focused on.”

One area of opportunity for Guy Carpenter and the Marsh group concerns the emergence and rapid advancement of artificial intelligence, data centres and digital infrastructure more broadly, which were discussed at length during the call, including by Klisura with a view to how Guy Carpenter is supporting the wider Marsh effort in this space.

“This is a significant new business opportunity in 2026 for both cedents and reinsurers,” said Klisura. “There’s been estimates of up to $10 billion of new premium entering the market in 2026 because of these opportunities, and the market needs more capacity. No cedents are going to put up billions of dollars of capacity for a single location risk. So, that’s a real issue. All of our clients want to write data centres across 10 plus products globally, but they require additional reinsurance protections. Everybody’s concerned with accumulations in portfolios, and we’re solving that right now for our clients. And I think we need to bring new capital to the market. It’s not going to just be traditional reinsurance capital, the introduction of third-party capital and securitising some of these risks via sidecars and other vehicles is going to be critical, and these are going to have to be deep pocketed investors, given the size of these risks. But we think this is the single biggest new business opportunity in 2026.”

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The strong performance of Guy Carpenter in Q4 and full year 2025 supported Group-wide Q4’25 consolidated revenue of $6.6 billion, an increase of 9% on Q4’24, or 4% on an underlying basis. At the same time, operating income increased 7% to $1.2 billion for the quarter, while net income rose by 4% to $821 million.

For the full year, revenue increased by 10%, or 4% on an underlying basis to $27 billion, as operating income rose 7% to $6.2 billion, and net income increased to $4.2 billion from $4.1 billion in 2024.

Guy Carpenter sits within Marsh’s Risk & Insurance Services arm, which also includes Marsh Risk, the insurance broking arm. In Q4’25, Marsh Risk generated revenue of $3.7 billion, an increase of 10% year on year, with underlying growth of 3% in US/Canada, and 4% growth in International. For the full year 2025, Marsh Risk has reported revenue of $14.4 billion, up 15% on 2024’s total.

All in all, the Risk & Insurance Services division achieved revenue of $4 billion in Q4’25, an increase of 9% on the prior year, while operating income rose by 8% to $830 million. For the full year, revenue increased by 12% to $17.3 billion, while operating income hit $4.6 billion, reflecting growth of 6% on the prior year.

Within its Consulting business, which includes Mercer and Marsh Management Consultancy, revenue increased by 8% to $2.6 billion in Q4’25, and increased by 7% to $9.8 billion for the full year. Operating income rose 4% to $483 million in the quarter, and rose 7% to $1.9 billion for the full year 2025.

Mercer’s revenue was $1.6 billion for the quarter and $6.2 billion for the full year 2025, so up 9% and 8%, respectively, on the previous year.

Marsh Management Consulting’s revenue increased by 8% to $1 billion for the quarter and increased by 6% to $3.6 billion for the full year, when compared with the same periods in 2024.

“Our fourth quarter results capped another solid year for Marsh. For the full year, we generated 10% revenue growth, 4% underlying revenue growth, double-digit adjusted NOI growth, 9% adjusted EPS growth and our 18th consecutive year of reported margin expansion. We also launched our new brand, successfully completed the integration of McGriff and announced our Thrive program,” said John Doyle, President and CEO.

“Our team performed well in a complex environment, and we are positioned for sustained momentum in 2026,” added Doyle.

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The approval marks a significant milestone in the group’s plan to bring disciplined reinsurance capacity to India and high-growth markets in Asia and Africa.

Syndicate 2047 is the first Lloyd’s syndicate dedicated to supporting the Indian market, aligning with the firm’s vision of building economic resilience and with Viksit Bharat 2047, India’s national vision to become a developed economy by the centenary of its independence.

PMA and will work closely with Lloyd’s to complete the remaining regulatory, capital, and operational steps required ahead of the syndicate’s intended underwriting start date.

Bobby Swarup, Founder and Chief Executive Officer (CEO), Niyam Group, commented, “I am grateful to Lloyd’s, our investor J.C. Flowers & Co. and their adviser Macquarie Capital, and to our partners, Guy Carpenter and PoloWorks, for their belief in Niyam and its purpose. This marks the beginning of our vision 2047, dedicated to serving India and high-growth markets.”

Paul Andrews, CEO, PoloWorks, added, “Syndicate 2047 is a compelling and timely proposition. Niyam brings a clear underwriting vision, disciplined execution, and a strong commitment to supporting India and other high-growth markets. Lloyd’s in-principle approval is an endorsement of the team and the plan, and we are proud to manage the syndicate through the Lloyd’s market.”

Sima Ruparelia, President and Active Underwriter of Niyam Group, said, “Receiving in-principle approval from Lloyd’s is an important validation of our underwriting philosophy and long-term approach. We are focused on building a high-quality, sustainable syndicate that serves cedants and brokers, and supports market development, with consistency and discipline.”

Vicky Carter, Chairman – Global Capital Solutions, International, Guy Carpenter, stated, “India represents one of the most significant and exciting growth opportunities for the global reinsurance market. Niyam’s proposition of locally embedded leadership, combined with the capital and expertise of the Lloyd’s market, will unlock sustainable growth and strengthen market resilience. We are proud to be working with the Niyam team on this exciting venture.”

Last week, Polo Managing Agency launched three new Lloyd’s syndicates, namely Atradius Syndicate 1864, Aurora Syndicate 1890, and OAK Enterprise Syndicate 1440, which began underwriting from January 1st, 2026.

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