Wakam has obtained approval from the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to operate as a licensed and regulated insurer in the UK through its new subsidiary, Wakam UK Limited.
This development solidifies Wakam's presence as an innovative player in the continental insurance landscape and enhances its capacity to establish white-label partnerships across Europe with its distributors. The establishment of Wakam UK positions the company as a prominent figure in Europe for deploying white-label insurance products through its business-to-business-to-consumer (B2B2C) channels, focusing on managing general agents (MGA’s), embedded insurance, and insurtech.
The launch of Wakam UK underscores the company's dedication to the UK market, which generates approximately GBP 500 million annually in gross written premiums. These regulatory approvals enable Wakam to enhance its offerings for existing customers throughout the UK as part of a broader strategy aimed at bolstering technical foundations and scaling processes for future growth and success.
In the company press release, the CEO of Wakam UK emphasised the significance of the launch for Wakam's commitment to the UK market and its clients and partners. Moreover, the Group CEO of Wakam highlighted the successful navigation of regulatory processes and expressed confidence in Wakam's position in the UK market.
The launch of Wakam UK, coupled with broader corporate restructuring within Wakam, aims to ensure that clients and partners across the UK benefit from the company’s industry expertise. In essence, T\this development signifies Wakam's progression and increased influence in the European insurance market.
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