Wakam temporarily barred from underwriting new policies

French insurer Wakam SA has been subject to a decision by the Prudential Supervision and Resolution Authority (ACPR) imposing a precautionary and temporary ban on writing new business and renewing existing policies. The measure follows the insurer’s deteriorating financial position.

Wakam has acknowledged the decision, which could ultimately result in the withdrawal of its insurance licence. The company said it remains committed to implementing its remediation plan, which includes strengthening its capital base and opening up its shareholding structure.

In the meantime, Wakam will continue to manage its existing insurance portfolio.