French embedded insurer gets FCA approval for UK operations

Embedded insurer Wakam has received more regulatory approval for its UK subsidiary.

Back in December 2023, the French insurance group said it had been granted full branch authorisation by the Prudential Regulation Authority (PRA) to operate in the UK market.

And yesterday (30 April 2024), the firm said it had also received approval as a licensed and regulated insurer by the FCA.

Wakam said securing these approvals meant it could commit to the UK market, which it felt could generate £500m annually in gross written premium (GWP) for the company.

It will be known in the jurisdiction as Wakam UK Limited and will be led by newly appointed chief executive Mark Christer.

“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,” Christer said.

“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.”

Board

Wakam UK has also established its UK board, with its line-up including chairman Ian Robinson, who is the ex-global chief operating officer of HSBC.

Also joining the board is Adrian Brown, former chief operating officer of Ardonagh Group, as well as Camilla Richardson, who was previously top boss of the Association of Foreign Exchange and Payment Companies and recently chief revenue officer at Global Reach Group.

Catherine Charrier-Leflaive, group chief executive of Wakam, said she was “confident that I can count on the mobilisation of all the teams within the group to ensure that Wakam maintains its position as a leading player in this market”.

“We’re delighted to have successfully navigated the stringent FCA and PRA processes enabling the establishment of Wakam UK,” she added.

“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.”