Wakam launches UK subsidiary with FCA & PRA approval
Embedded insurer, Wakam, has embarked on a critical expansion journey as it announced the launch of its UK subsidiary, Wakam UK Limited. The expansion has received the full backing of the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), enabling Wakam to now operate as a fully licenced insurer in the notoriously regulated and challenging UK market.
This relocation underscores Wakam's investment in the UK's insurance industry, where it already generates an impressive £500 million per annum in premiums. This sets a precedent for innovation and fruitful partnerships in the field of embedded insurance services.
The new UK operation will be headed by newly appointed CEO, Mark Christer, under the watchful and experienced eyes of Group CEO, Catherine Charrier-Leflaive. Both are poised to breathe new life into the B2B2C insurance space by unleashing the potential of state-of-the-art insurtech that empowers Managing General Agents (MGAs) and streamlines embedded insurance with agile offerings.
Joining the new board are well-known names like Ian Robinson and Adrian Brown, set to supervise the move—an achievement that no small feat, noting less than 200 companies have been approved after Brexit this year, showing a drastic reduction from the 8000 prior.
On achieving this exceptional feat and receiving the necessary approval, the CEO of Wakam UK, Mark Christer, expressed his enthusiasm: "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, also expressed her delight on successfully manoeuvring through the stringent FCA and PRA processes: "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 rely on the mobilisation of all our teams within the group to ensure that Wakam maintains its position as a top player in this sector."
Aside from its efficient workforce, Wakam UK also boasts a robust board with high-quality talents, including the Chairman, Ian Robinson, former Global COO of HSBC; Adrian Brown, ex-COO of Ardonagh Group and European CEO of RSA; and Camilla Richardson, former CEO of the Association of Foreign Exchange and Payment Companies, recently seen as the Chief Risk Officer at Global Reach Group.
With Wakam UK's launch and the wider corporate restructuring unfolding within Wakam, customers and partners in the UK stand to gain from the company's deep industry expertise and legacy built on trust and reliability. Far from just a single step forward, this launch signifies Wakam's mission to march resolutely forward and assume a more significant role in the European insurance market.
