Wakam UK Launches with FCA, PRA Approvals
Wakam has recently received approval to operate as a licensed and regulated insurer by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), launching a new UK subsidiary, Wakam UK Limited. This development confirms Wakam's position in the European insurance market and increases its capacity to form white-label partnerships across Europe.
Strategic Expansion and Leadership
The establishment of Wakam UK reflects the company's commitment to the UK market, a significant contributor of approximately £500 million annually in gross written premiums. The new regulatory approvals from the FCA and PRA will allow Wakam to expand its services for existing UK customers. This move is part of a larger strategy to enhance technical capabilities and scale operations, aiming for future growth.
To spearhead this expansion, Wakam UK has put together a team of over 40 UK-based professionals, led by the newly appointed CEO, Mark Christer, who took on his role in October 2023. Together with Wakam’s Group CEO, Catherine Charrier-Leflaive, this new leadership is set to drive the company’s profitable growth in the UK.
Speaking on the new approval, Mark Christer, CEO of Wakam UK comments: “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 says: “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."
In addition to its expert team, Wakam UK has also set up a robust UK board, attracting notable figures such as Ian Robinson, former Global COO of HSBC; Adrian Brown, ex-COO of Ardonagh Group and European CEO of RSA; and Camilla Richardson, previously CEO at the Association of Foreign Exchange and Payment Companies and CRO at Global Reach Group.
The strategic launch of Wakam UK and the ongoing corporate restructuring within Wakam are poised to ensure that clients and partners throughout the UK will continue to benefit from the company’s extensive industry expertise and its longstanding reputation for trust and reliability.
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