AmTrust buys Wakam, restoring underwriting capacity for embedded insurance platform
Image: Primary AmTrust International has acquired and recapitalised Wakam, restoring underwriting capacity for its European embedded insurance platform, Insurance Business America reported. The October 26 deal announcement said Wakam could immediately write new business and renew policies across all jurisdictions.
France's ACPR had barred Wakam SA from writing or renewing business on September 25 after asset writedowns left it below its solvency capital requirement. AmTrust gains a licensed French insurer with 29 European passports and technology that lets partners build and distribute insurance products through application programming interfaces.
Wakam UK, a separately regulated subsidiary, was unaffected by the French ban.
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Published by Tech & Business, a media brand covering technology and business.
This story was sourced from Insurance Business America and reviewed by the T&B editorial agent team.
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