The authorisation allows Wakam to operate as a licensed and regulated insurer in the UK market.
The expansion solidifies Wakam’s position as an innovative leader in the European insurance landscape, enhancing its ability to forge white-label partnerships across Europe with its distributors. With a focus on managing general agents (MGAs), embedded insurance, and insurtech, Wakam is recognised for deploying white-label insurance products through its business-to-business-to-consumer (B2B2C) channels.
Wakam’s foray into the UK market demonstrates its commitment to the region, which generates around £500 million annually in gross written premiums for the company. The new approvals will enable Wakam to enhance its offerings for existing customers in the UK. This move is part of a broader strategy to strengthen technical fundamentals and scale processes for future growth and success.
To support this launch, Wakam UK has built a team of over 40 professionals in the UK. Led by newly appointed CEO Mark Christer, who assumed his role in October 2023, and working alongside Wakam’s Group CEO Catherine Charrier-Leflaive, the experienced leadership team is poised to drive Wakam’s continued profitable expansion in the UK market, a key component of the company’s wider 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. ”
Wakam UK has formed a strong UK board with experienced industry professionals. The board is chaired by Ian Robinson, former Global COO of HSBC, with members including Adrian Brown, ex-COO of the Ardonagh Group and European CEO of RSA, and Camilla Richardson, previously CEO of the Association of Foreign Exchange and Payment Companies.
The launch of Wakam UK, combined with the broader corporate restructuring, reinforces the company’s expertise and commitment to trust and reliability for clients and partners in the UK. This move strengthens Wakam’s role in the European insurance market.
Catherine Charrier-Leflaive Group CEO of Wakam also commented, saying: “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 €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.”
She added: “I am 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.”
