Wakam’s Syndicate 1347 receives Lloyd’s approval

European B2B2C insurer Wakam, has announced that Wakam’s Syndicate 1347 has received Lloyd’s approval to start underwriting for the 2023 year.

The syndicate was launched under Lloyd’s Syndicate in a Box (SIAB) initiative and will operate on the Lloyd’s platform.

It will be managed by Polo Managing Agency (PMA), a third-party Managing Agent at Lloyd’s; Polo Commercial Insurance Services (PCIS) will provide operational support.

Wakam’s Syndicate 1347 will play a diversifying role in the firm’s reinsurance & capital strategy, and noted that the European insurer’s partnership with Lloyd’s paves the way for their future growth ambitions.

Wakam creates white-label bespoke insurance solutions for more than 150 distribution partners and over 8 million policyholders, via its Play&Plug technology platform.

With a foothold in 32 countries, Wakam is a profitable insurance company, reporting a 24% average annual growth rate since 2017, and 2021 turnover of €455m expected to exceed €600m in 2022.

by Yana Keller