Regulatory Action and Balance Sheet Pressures
France’s insurance supervisor barred Wakam SA from writing or renewing policies in late September 2026, following a severe capital gap driven by older motor reserves, accounting reviews of receivables, and mounting pressure on its previous owners, Opera Finance and Off The Grid. The carrier's solvency coverage had dropped to 66% by the end of 2025. Despite executing loss portfolio transfers with Compre to offload older liabilities, the capital shortfall prompted the French regulator to seek a stronger financial backer.
AmTrust Acquisition and Market Integration
AmTrust International stepped in to acquire the group, injecting approximately €100m straight into Wakam SA to fully capitalise the business. The transaction provides AmTrust with a licensed French insurer boasting 29 European passports, a white-label technology platform, and over 230 staff. While Wakam UK remained independently regulated and operational throughout the crisis, AmTrust must now work to rebuild commercial relationships with distribution partners who temporarily shifted business elsewhere during the regulatory halt.