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Embedded Insurer Wakam commits to UK market with FCA and PRA approvals

30 abril 2024

2 minutes

Wakam receives approval as a licensed and regulated insurer by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to support the launch of its new, UK subsidiary, Wakam UK Limited.

This significant move not only cements Wakam’s position as an innovative force in the continental insurance landscape but also boosts its ability to form white-label partnerships across Europe with its distributors. It establishes Wakam as the clear leader in Europe for deploying white-label insurance products through its B2B2C channels with its focus on MGA’s, embedded insurance and Insurtech.

Wakam’s launch of its UK subsidiary is a powerful affirmation of its commitment to the UK market, a region generating around £500 million annually in gross written premiums for the company. These new approvals empower Wakam to elevate its offerings for existing customers throughout the UK. This initiative is part of a wider strategy aimed at enhancing technical fundamentals and scaling processes, positioning Wakam for future growth and success.

To propel this launch, Wakam UK has assembled a skilled UK-based team of over 40 professionals. Under the leadership of newly appointed CEO Mark Christer, who joined in October 2023, and alongside Wakam’s Group CEO Catherine Charrier-Leflaive, these seasoned leaders are poised to drive Wakam’s continued profitable expansion, with the UK market integral to this broader strategic vision.

Speaking on the new approval, Mark Christer, CEO of Wakam UK commented: “The launch of Wakam UK is a significant development for Wakam and underscores our steadfast commitment to the UK market and our UK clients and partners. Wakam has always been known for its innovation and agility and I look forward to coupling that with the significant talent we have recruited to deliver sustainable profitable growth for our partners and ourselves.”

Catherine Charrier-Leflaive Group CEO of Wakam added: “We’re delighted to have successfullynavigated the stringent FCA and PRA processes enabling the establishment of Wakam UK. In the past year, Wakam has achieved a turnover of €924 million, with more than half of this activity taking place in the UK. This launch signals our continued commitment to an essential and particularly dynamic market. I am confident that I can count on the mobilization of all the teams within the group to ensure that Wakam maintains its position as a leading player in this market.»

Alongside its highly competent team, Wakam UK has established its UK board with considerable talent, enlisting a number of seasoned corporate heavyweights. The lineup includes Chairman Ian Robinson, ex-Global COO of HSBC, alongside Adrian Brown, former COO of Ardonagh Group and European CEO of RSA, and Camilla Richardson, previously CEO of the Association of Foreign Exchange and Payment Companies and recently CRO at Global Reach Group.

The launch of Wakam UK, alongside the broader corporate restructuring happening within Wakam will help to ensure clients and partners across the UK can continue to benefit from the company’s deep industry expertise and legacy of trust and reliability. Representing far more than merely a step forward, the launch will help Wakam steadily move forward and have a more significant role on the European insurance market.