AmTrust International, a specialty insurer and subsidiary of AmTrust Financial Services, has completed its acquisition of Wakam, a business-to-business-to-consumer (B2B2C) insurer serving markets across the UK and Europe. Financial terms were not disclosed.
The acquisition includes Wakam SA and Wakam UK, which together employ more than 230 people. AmTrust said Wakam is now fully capitalised and able to immediately write new business and renew policies across all jurisdictions in its portfolio.
Wakam designs white-label insurance products for distribution partners, including coverage embedded into partners’ customer journeys. Its delegated underwriting model and MGA relationships align with AmTrust’s distribution approach. Licensed across most European countries, Wakam also supports pan-European programmes through centralised decision-making.
The transaction expands AmTrust International’s European operations, adding an established presence in France and broadening its existing UK offering.
Peter Dewey, head of AmTrust International, said the business complemented the group’s international operations.
“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,” said Dewey.
The deal gives AmTrust a French platform and adds complementary business in the UK. Wakam will gain access to AmTrust’s underwriting and actuarial expertise, global resources, MGA relationships, and broader product portfolio.
