Polo Managing Agency (PMA), part of PoloWorks and owned by Marco Capital Group, has supported the launch and start of underwriting for Niyam Syndicate 2047 at Lloyd's.

Syndicate 2047 began underwriting on April 1, 2026, and is the first Lloyd's syndicate established in GIFT City, India's international financial centre, marking a step in Lloyd's efforts to deepen its presence in the Indian reinsurance market.

A hub for cross-border insurance

GIFT City, which is India's first operational International Financial Services Centre (IFSC), has been positioned by policymakers as a hub for cross-border insurance and reinsurance, with the number of insurance offices and intermediaries operating there rising over the past two years.

The launch continues a series of new platforms brought to market by PMA. Across its most recent cohort of syndicates incepting on Jan. 1, 2026, the agency has supported more than £700 million of gross written premium (GWP), highlighting continued demand for execution‑focused turnkey partners in the Lloyd’s market.

PMA is one of a small number of independent turnkey managing agencies at Lloyd's authorised to provide third-party management services, giving start-up and entrepreneurial teams access to Lloyd's infrastructure, governance and regulatory permissions without having to build their own managing agency.

Marco Capital, which acquired the former Capita insurance businesses and rebranded them as Polo in 2022, positions PoloWorks and PMA as part of a wider legacy and services platform, combining capital support with outsourced underwriting and operations capabilities for Lloyd’s and company‑market clients.

Paul Andrews (pictured), CEO of PoloWorks, said the Niyam launch reflects how new entrants are approaching the Lloyd’s market.

“The successful launch of Syndicate 2047 reflects a clear shift in the market. Founders are no longer looking for providers who can simply host a syndicate, they are looking for partners who can deliver," Andrews said. “PoloWorks is building a strong track record of launching and supporting high-quality syndicates, with over £700m of GWP across syndicates launched in 2026. We are seeing increasing demand from entrepreneurial businesses entering Lloyd’s."

Targeting India’s reinsurance growth from GIFT City

Niyam Syndicate 2047 will focus on providing reinsurance capacity to India and other high-growth markets, aiming to tap demand in what remains one of the world's fastest-growing but still under-penetrated insurance economies.

Recent market analysis suggested India's reinsurance market grew by around 11% year-on-year in fiscal 2024 to 2025, helped by regulatory reforms and efforts to deepen insurance penetration. Longer-term projections point to Indian insurance premiums growing more quickly than many major markets over the next decade, with the country expected to climb the global rankings as penetration and density rise from a low base.

The move comes as GIFT City steps up its appeal to international players. Lloyd's of London confirmed it received approval to establish an office in the International Financial Services Center back in March.

The focus on India and other high-growth territories speaks to the broader search for diversifying growth by Lloyd's businesses and global reinsurers. With India's insurance sector expanding rapidly but still showing relatively low penetration and density, capacity providers see scope for disciplined growth in property, casualty and specialty lines as the economy develops and risk awareness increases.

Polo Managing Agency said it will continue to support clients from initial concept through to underwriting and ongoing operations, providing governance, infrastructure and oversight within the Lloyd’s market.