AmTrust International Acquires Wakam to Expand European Specialty & Embedded Insurance

AmTrust International has acquired B2B2C insurer Wakam, a move that secures the latter’s capital position and provides AmTrust with a significant European foothold. For MGAs and brokers, the deal ensures continuity for Wakam’s pan-European programs while signaling a major consolidation of delegated underwriting capacity across the UK and EU markets.

What was announced

AmTrust International, a subsidiary of AmTrust Financial Services, Inc., has completed the acquisition of Wakam and its two subsidiaries, Wakam SA and Wakam UK. The deal brings over 230 employees into the AmTrust fold and establishes a fully capitalized platform capable of writing new business and renewing existing policies across all jurisdictions. Wakam is known for its B2B2C model and delegated underwriting approach, which relies heavily on MGA distribution partnerships. These operations are managed through a centralized decision-making structure that oversees programs across most European countries.

The acquisition is intended to combine AmTrust’s global specialty resources with Wakam’s local French expertise and established UK presence. By integrating Wakam’s portfolio, AmTrust aims to expand into new niche products and geographies, leveraging distribution synergies between the two companies' existing MGA networks. The move ensures that Wakam’s pan-European licenses remain active and backed by AmTrust’s financial framework, providing a stable foundation for its delegated authority business lines. Under the new ownership, Wakam will have access to AmTrust’s broader global platform, including its actuarial and underwriting expertise, to support profitable growth across its diverse product portfolio.

"Wakam highly complements our international business, adding business lines, with delegated authority, that fit well within our appetite."

Peter Dewey, Head of AmTrust International

The companies involved

Wakam is a Paris-headquartered insurer that specializes in providing white-label insurance solutions to a diverse range of partners, including e-commerce platforms, fintechs, and traditional brokers. Operating as a B2B2C entity, it has built a reputation for its digital-first approach to underwriting and its ability to deploy pan-European programs quickly. The company maintains a significant presence in the United Kingdom through Wakam UK, which operates alongside its primary European arm, Wakam SA. Wakam has historically positioned itself as a flexible capacity provider for the MGA market, utilizing a delegated authority model to reach niche customer segments.

AmTrust International serves as the global specialty insurance arm of AmTrust Financial Services, Inc. The parent organization is a multinational property and casualty insurer that focuses on small to medium-sized businesses, offering specialty niche insurance products including workers' compensation, commercial liability, and extended service contract coverage. AmTrust has historically grown through a combination of organic expansion and strategic acquisitions, positioning itself as a major player in the delegated authority market. This acquisition allows AmTrust to integrate Wakam’s agile distribution model into its broader corporate structure, which manages a wide array of specialty risks globally.

What FF News has reported before

FF News has followed Wakam’s aggressive growth trajectory closely, particularly within the UK market. In September 2026, we reported that Wakam UK Set to Double Gross Written Premiums to £370M via New MGA Partnerships, highlighting the firm’s rapid expansion through delegated authority. Earlier that year, the company shared insights into Wakam UK Highlights Evolving Market Dynamics as MGAs Prepare for the Next Wave of Growth, emphasizing the shifting landscape for MGAs. Beyond its core business, Wakam has also engaged in social initiatives, as seen when Wakam Commits to Precision Psychiatry: €250,000 to Transform Mental Health. Additionally, the insurer has targeted specific sectors, such as when Wakam UK and Principal Insurance Team Up to Tackle UK Motorcycle Insurance Market.

What this means from an insurtech perspective

This acquisition represents a critical stabilization of a major capacity provider for the European MGA sector. Wakam has been a poster child for the "insurer-as-a-service" model, but its reliance on rapid growth often raised questions about long-term capital sustainability in a volatile market. By moving under AmTrust’s umbrella, Wakam gains the balance-sheet strength required to satisfy cautious reinsurers and regulators. For the wider industry, this signals that the era of independent, high-growth B2B2C carriers may be giving way to consolidation within larger, diversified specialty groups. MGAs currently using Wakam capacity may face stricter underwriting discipline as AmTrust integrates these niche lines into its own risk appetite and loss-ratio targets.