Wakam receives PRA approval for new £500m GWP UK insurer

French insurance group Wakam has told brokers thinking of setting up their own managing general agents to consider it as a capacity partner after receiving regulatory approval for a new UK subsidiary.

As of today it confirmed that it had received approval as a licensed and regulated insurer by the Financial Conduct Authority and Prudential Regulation Authority to support the launch of Wakam UK Limited.

It had been previously granted full branch authorisation by the PRA to operate in the UK effective 24 October 2023 appointing former RSA personal lines boss Mark Christer, pictured, as UK branch manager.

“Under branch [approval] there are certain things you can do, and certain things you cannot,”

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