Wakam UK is ‘solvent, profitable and growing’ as European arm gets temporary underwriting ban

Wakam UK has said it is not affected as the European arm deals with temporary restrictions from the French regulator.

Wakam SA received a temporary ban on underwriting new contracts and renewing existing contracts from the French Prudential Supervision and Resolution Authority (ACPR) on 25 September 2026.

Mark Christer, chief executive at Wakam UK, told Insurance Times that Wakam UK is unaffected by the restrictions, as it is a “separate entity” from the French and European arm with its own independent board and regulated by the UK Prudential Regulation Authority.

Christer explained Wakam SA’s temporary underwriting ban followed a “one-off balance sheet remediation exercise” that prompted the firm to take a more prudent view of “historic balance sheet items”, including aged receivables and prior balances.

In turn, he said that the review resulted in it writing down certain legacy assets and reopening its 2025 accounts to reflect the adjustments, which ultimately led to the firm breaching its solvency capital requirement.

He continued: “The UK hasn’t got any of these problems – it’s solvent, profitable and growing.

“Last year was our first full year at Wakam UK and we delivered a profit, including an underwriting profit. Our solvency capital requirement (SCR) coverage ratio stands at 216% while our minimum capital requirement (MCR) coverage ratio was 620%. Wakam UK is a fully independent UK insurance entity and we’ll continue to move forward.”

‘We regret this decision’

Wakam SA intends to respond as part of the close and constructive dialogue it is continuing with the ACPR.

It said that it is preparing the submissions required as part of these proceedings and continues to implement its remediation plan, strengthening its own funds and opening up the share capital of its group.

However, the temporary ban does not affect the management of existing contracts.

In turn, Wakam SA will continue to handle and settle claims, as well as fulfil its commitments to its policyholders and partners, in compliance with applicable regulations and under the supervision of the regulator.

Catherine Charrier-Leflaive, chairwoman at the Wakam Group, said: “Our priority is to protect the interests of our partners, policyholders and employees and to provide a rapid, concrete and documented response to the expectations of our supervisor.

“We regret this decision for Wakam SA and its partners. Wakam SA has a robust operating model and the resources required to continue managing all of its existing contracts.”