AmTrust International, a specialty insurer and subsidiary of AmTrust Financial Services, Inc., has completed its acquisition of Wakam, a business-to-business-to-consumer (B2B2C) insurer serving markets across the UK and Europe.
The transaction expands AmTrust International’s European operations, adding an established presence in France and broadening its existing UK offering. AmTrust confirmed that Wakam is now fully capitalised under its new ownership and can write new business and renew policies across all jurisdictions in which it operates.
The deal incorporates Wakam SA and Wakam UK, which have a combined workforce of more than 230 employees. AmTrust International said the acquisition would support its European development by bringing local knowledge and operations in France into the group, alongside additional capabilities in the UK market.
Wakam’s use of delegated underwriting and its distribution relationships with managing general agents (MGAs) also complement AmTrust’s existing business model, providing scope to expand product offerings across both organisations. Wakam is licensed to operate in most European countries and manages pan-European programmes through a centralised decision-making structure.
AmTrust International said the acquisition would give Wakam access to the group’s underwriting experience, technical capabilities and wider operational resources. The insurer expects these capabilities to support Wakam’s future development, alongside potential distribution opportunities through MGA partnerships and access to complementary insurance products within AmTrust’s international portfolio.
Peter Dewey, Head of AmTrust International, commented, “Wakam highly complements our international business, adding business lines, with delegated authority, that fit well within our appetite. As a leading specialty carrier with six core products, this acquisition is an exciting opportunity to expand into new niche products and geographies. We are pleased to welcome the Wakam team to AmTrust and look forward to working together on profitable growth.”
Olivier Jaillon, Chairman of the Board and founder of Wakam, added: “Joining AmTrust marks a meaningful new chapter for Wakam. AmTrust brings the financial strength, underwriting and actuarial expertise, and commitment needed to support our long-term success. We look forward to leveraging the scale, resources, and opportunities of a global insurance organisation while continuing to deliver value for our partners and customers.”
The acquisition adds to AmTrust International’s presence across European insurance markets and brings Wakam’s existing operations and distribution network into the group. AmTrust said the businesses would work together to pursue opportunities for sustainable growth, develop their respective product ranges and strengthen their distribution capabilities across the UK and Europe.
