Wakam has recently received approval from both the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to operate as a licensed and regulated insurer in the United Kingdom.
This approval marks a significant milestone for the firm as it prepares to launch its new subsidiary, Wakam UK Limited, in the UK market, according to FF News.
The approval not only solidifies the company’s position as an innovative player in the European insurance industry but also enhances its ability to establish white-label partnerships across Europe with its distributors.
Through its focus on managing general agents (MGAs), embedded insurance, and InsurTech, Wakam aims to lead the European market in deploying white-label insurance products through its business-to-business-to-consumer (B2B2C) channels.
Wakam’s decision to launch its UK subsidiary underscores its commitment to the UK market, which generates approximately £500m in gross written premiums annually for the company.
With these new approvals, Wakam aims to enhance its offerings for existing customers in the UK while positioning itself for future growth and success by strengthening its technical fundamentals and scaling processes.
To support the launch, the company has assembled a team of over 40 professionals based in the UK. Led by CEO Mark Christer, who joined the company in October 2023, and working alongside Wakam’s Group CEO Catherine Charrier-Leflaive, this experienced team is well-equipped to drive Wakam’s expansion in the UK market profitably.
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 successfully navigated the stringent FCA and PRA processes enabling the establishment of Wakam UK. In the past year, Wakam has achieved a turnover of €924m, 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.”
Wakam UK has also established a strong board of directors, including Chairman Ian Robinson and seasoned corporate leaders Adrian Brown and Camilla Richardson. This lineup of experienced professionals further strengthens Wakam UK’s position in the market and ensures continuity of service for clients and partners.
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