AmTrust Acquires Wakam: Europe's Embedded Insurance Carrier Can Write Business Again

A month ago I wrote about the French supervisor barring Wakam from writing new business. Today there is a resolution: AmTrust International has acquired Wakam.

What happened

On 26 October 2026 AmTrust International, the global specialty insurer and subsidiary of AmTrust Financial Services, announced that it has acquired Wakam. According to the press release:

• Wakam can write business again. Under AmTrust ownership, Wakam is now fully capitalised and able to write new business and renew policies across its portfolio in all jurisdictions.
• The whole group is included. The deal covers both subsidiaries, Wakam SA and Wakam UK, and more than 230 employees.
• A platform for Europe. AmTrust gets a French presence and a base to expand in Europe, alongside its existing UK business. Wakam holds licences across most European countries and writes pan-European programmes with centralised decision-making.
• The model fits. AmTrust says Wakam's delegated underwriting model and MGA partnerships align with its own approach, and that Wakam's business lines "fit well within our appetite".
• What Wakam gets. Wakam's founder and chairman Olivier Jaillon points to AmTrust's financial strength and its underwriting and actuarial expertise.

The press release does not give the price and does not mention the ACPR.

What I take from it

My point a month ago was that innovative distribution still depends on the strength of the risk carrier behind it. This case shows both sides of that.

The risk was real. For about a month, MGAs and brands that embed Wakam products could not sell new policies or renew existing ones through it. That is a hard stop for a business built on someone else's licence and balance sheet.

The fix was capital. The model itself was not the problem: a large specialty insurer looked at Wakam's partner network and delegated underwriting and decided to buy it. The answer came from the market within weeks, and policyholders kept their cover throughout.

Two things I would watch now:

• Underwriting appetite. AmTrust speaks of profitable growth and of business that fits its appetite. Partners should expect their programmes to be reviewed, and some may be repriced or not renewed.
• Carrier concentration. MGAs and embedded insurance partners will ask whether one carrier is enough. Having a second carrier, or at least a plan for one, now looks less like a luxury.

Sources

• AmTrust International, "AmTrust International Acquires Wakam, Establishing a French Presence and Expanding Its Reach Across the UK and Europe", press release, 26 October 2026

Frequently asked questions

Who has acquired Wakam?

AmTrust International, a global specialty insurer and subsidiary of AmTrust Financial Services, Inc. The acquisition was announced on 26 October 2026 and covers Wakam SA and Wakam UK.

Can Wakam write new business again?

Yes. According to the press release, under AmTrust ownership Wakam is fully capitalised and able to write new business and renew policies across its portfolio in all jurisdictions.

Why was Wakam unable to write new business?

On 25 September 2026 the French supervisor ACPR prohibited Wakam SA from underwriting new contracts and renewing existing ones, as a temporary measure related to its prudential position.

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