ACPR Bars Wakam From Writing New Business: Why It Matters for Embedded Insurance and InsurTech

I usually don't comment on individual companies. This one is different, because it is as much policy and innovation news as it is company news.

What happened

On 29 September 2026, Wakam published a press release confirming that the French prudential supervisor, the Autorité de contrôle prudentiel et de résolution (ACPR), has provisionally restricted its activity.

According to the press release:

• On 25 September 2026, the ACPR prohibited Wakam SA from underwriting new contracts and from renewing existing contracts.
• The measure is precautionary and temporary. It follows discussions between Wakam SA and the ACPR regarding the company's prudential position.
• The ACPR has opened adversarial proceedings that could lead to the withdrawal of Wakam's authorisations.
• Wakam says it takes note of the measures, will submit its observations within the proceedings, and is continuing its plan to strengthen its capital and open up the group's shareholding.
• The measures do not affect the management of existing contracts. Wakam SA continues to handle claims and honour its commitments to policyholders and partners, under the supervision of the ACPR.

Catherine Charrier-Leflaive, Chair of the Wakam Group, said the company's priority is to protect the interests of its partners, policyholders and employees, and to give the supervisor a rapid, concrete and documented response.

Wakam says it will keep its stakeholders informed as discussions with the ACPR progress.

Why this is worth following from an InsurTech perspective

Wakam is not a typical insurer. It describes itself as a B2B2C European insurer specialising in white-label embedded insurance, operating across Europe and with a UK subsidiary.

In practice, that means Wakam does not sell insurance under its own brand. It provides the licence, the balance sheet and the regulatory infrastructure, and its partners design and distribute the products. Those partners include MGAs, insurtechs, digital platforms, retailers and other brands that embed insurance into their own customer journeys.

This makes Wakam one of the carriers backing Europe's MGA, embedded and digital insurance models. Many of the new distribution models we have discussed in InsurTech over the past decade, from insurance at the point of sale to app-based and API-driven products, rely on carriers like Wakam in the background.

That is why this case deserves attention beyond one company. A restriction on a carrier of this kind is relevant for:

• MGAs and embedded insurance partners, who depend on their carrier's capacity to write and renew business.
• Supervisors, because these models stretch across many distributors and, through the EU passport, many countries.
• The wider innovation debate, which has focused heavily on distribution and customer experience. This case is a reminder that innovative distribution still depends on the strength of the risk carrier behind it.

The procedure is ongoing and the outcome is not yet known. I will follow how it develops and what it means for embedded and digital insurance in Europe.

Frequently asked questions

What did the ACPR decide about Wakam?

On 25 September 2026, the ACPR prohibited Wakam SA from underwriting new contracts and renewing existing contracts, as a precautionary and temporary measure. It also opened adversarial proceedings that could lead to the withdrawal of Wakam's authorisations.

Are existing Wakam policies still managed?

According to Wakam, the measures do not affect the management of existing contracts. Wakam SA continues to handle claims and honour its commitments to policyholders and partners, under the supervision of the ACPR.

Has Wakam lost its licence?

No. The current measure is temporary. Proceedings have been opened that could lead to licence withdrawal, and Wakam says it will submit its observations and continue its plan to strengthen its capital and open up its shareholding.

Why does this matter for embedded insurance and MGAs?

Wakam is a white-label carrier for MGAs, insurtechs and distribution partners across Europe. When such a carrier cannot write new business or renew contracts, it affects the partners whose products depend on it.

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