AM Specialty Insurance Company (UK) (ASIC UK) has now been authorized by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to carry out regulated insurance activities in the UK, becoming the first insurance company to receive authorization under the authorities’ accelerated authorization route, this publication can reveal.
This approval enables ASIC UK to begin underwriting in selected specialist areas as an authorized insurer and operate within the UK’s prudential and conduct regulatory framework.
ASIC UK said being granted permission under the accelerated authorization route reflects its robust governance framework, operational readiness and commitment to meeting the highest regulatory standards.
UK regulatory authorization confirms that the insurer meets strict PRA and FCA threshold conditions, ensuring ASIC UK operates to the highest standards of financial stability, governance, operational resilience and customer protection.
Shevawn Barder, Group CEO of AM Specialty, commented on this important milestone: “This regulatory authorization marks an important milestone in AM Specialty’s international expansion and reinforces our commitment to building a fully compliant, operationally resilient insurance platform in the UK. Approval by the PRA and FCA demonstrates the quality of our governance arrangements, financial resources and operational capabilities.”
Darren Powell, CEO of ASIC UK, said: “We are delighted to have achieved this important milestone. Obtaining PRA and FCA authorization enables us to commence underwriting in the UK and ensures that we meet all regulatory requirements and operate to the highest standards of governance and conduct. I look forward to leading our UK team and bringing AM Specialty’s rigorous underwriting approach and innovative specialist solutions to the UK market.”
ASIC UK is part of AM Specialty Insurance Group and will operate from its London headquarters to support the group’s strategic expansion into the UK and London markets.
The regulatory framework for the newly authorized insurers includes an independent board of directors, heads of senior management functions (SMF) roles appointed under the Senior Managers and Certification Regime (SM&CR), and comprehensive risk, compliance and reporting structures in line with PRA and FCA expectations.
Responding to the mandate, the Mayor of London, Dame Susan Langley, highlighted the importance of the company’s investment to London’s global financial leadership, saying: “AM Specialty Insurance Company is a major player in global risk management. Their decision to establish an office in the UK is a real vote of confidence in London’s role as the world’s leading insurance and financial services centre.”
“Initiatives like this are truly important. They show that when leading companies weigh up where to build their next chapter, they will choose here over there. London offers a level of depth, talent and connectivity that is hard to match. With the UK’s streamlined authorization pathways, led by the new Investment Financial Services Office, we are making it easier for world-class companies to get up and running.”
Investment Secretary Lord Stockwood also commented on AM Specialty’s growth: “The UK is a thriving center for financial services and AM Specialty’s investment will help cement the UK’s position as a leading destination for global investment.
“With financial services identified as a key growth area within our modern industrial strategy, AM Specialty supports our ambition to make the UK the number one financial services destination by 2035, boosting economic growth and opportunity across the country.”
In addition, Chris Hayward, Chairman of Policy at the City of London Corporation, welcomed this regulatory development from an industry perspective, saying: “I warmly welcome ASIC to London, reinforcing the UK’s position as the world’s leading professional and commercial insurance market.
“It is encouraging to see regulators secure the first insurance approval through the new Investment Office: Financial Services (a partnership between City of London Corporations, regulators and government) via the UK accelerated authorization route. This milestone underlines our commitment to growth and sends a clear message to companies around the world: the UK is open for business.”
The UK Department of Business and Trade has also provided additional support for the insurer’s expansion, with Hayden Boilini, director of financial and professional services for North America, highlighting the collaborative efforts to support the group’s entry into the UK market: “We are proud to work with the Investment Office Financial Services team to support AM Specialty Insurance in accelerating its expansion into the UK. This investment reinforces the UK’s position as a leading global center for insurance and innovation. Our financial and professional services teams in the US and Canada are committed to helping businesses expand into the UK, driving investment and unlocking growth opportunities.”
Front row (left to right):
Dominic CashmanFCA – Licensing Director
Dame Susan LangleyMayor of the City of London
Chefan BaderASIG CEO
Chris HaywardCity of London Policy Chairman
Rahul AhluwaliaInvestment CEO Office
Back row (from left to right):
Grant MillerASIG General Counsel
Darren PowellASIC UK CEO
Olivia BaderCOO of ASIG
Simon BaderASIG Chairman
Anastasia NishnyanidzeDirector of Trade and Investment, City of London
