AmTrust rescues French insurer Wakam with €100M injection
What's the deal? AmTrust International has acquired Big Wakam, the holding company behind French insurer Wakam SADealroom has a profile for this one. Try Dealroom → and British Wakam UK, in a deal that includes an immediate injection of about €100 million. The transaction value was undisclosed, but French media report it was symbolic, with a "return to better fortune" clause.
Why now? On September 25, the French Prudential Supervision and Resolution Authority (ACPR) temporarily barred Wakam SA from writing new contracts or renewing policies, citing an insufficient recovery plan. Wakam SA ended 2025 with a solvency coverage ratio of 66%, well below the 100% regulatory floor.
The €100 million injection, required by the ACPR, restores Wakam's solvency and its capacity to write and renew business across all markets where it operates.
What's the endgame? For AmTrust, the deal opens a strategic entry into France and a pan-European embedded insurance platform. Wakam brings a licensed French insurer with 29 European passports, a white-label technology platform, more than 230 employees, and a network of managing general agent (MGA) distribution partners — a fit for AmTrust's distribution model.
What each side does: AmTrust International, part of the US financial group, specialises in commercial and niche risks. AmTrust Financial Services reported annual revenue of about $7.8 billion in 2025, per GlobalDataDealroom has a profile for this one. Try Dealroom →, and operates in roughly 70 countries. Wakam designs and manages insurance products sold through partners — digital platforms, banks, retailers, and other intermediaries — under a B2B2C model.
What went wrong at Wakam? Sales fell to €814 million in 2024, but the deeper problem was heavy exposure to UK motor insurance amid rising repair costs and poor claims experience. Despite earlier shareholder injections, solvency kept deteriorating until the ACPR stepped in.
Existing management, led by Olivier Jaillon — who holds a 14% stake through Off The Grid — is expected to remain in the capital, according to French press. Wakam UK, regulated separately by the Prudential Regulation Authority, was unaffected by the ban and reported a solvency coverage ratio of 216%.
The signal: This is less a growth acquisition than a regulatory rescue. A distressed insurer gains the capital to survive; a US group buys its way into Europe's embedded insurance market at what looks like a bargain price.
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