AM Specialty Insurance Company obtains UK regulatory authorisation

AM Specialty Insurance Company (UK) (ASIC UK) has now been authorised by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to conduct regulated insurance activities in the UK, becoming the first insurer to be authorised under the authorities’ accelerated authorisation pathway, this publication can reveal.

The approval enables ASIC UK to begin underwriting across selected specialty lines as an authorised insurance company and operate under the UK’s prudential and conduct supervisory frameworks.

ASIC UK says that being permitted under the accelerated authorisation pathway reflects its robust governance framework, operational readiness, and commitment to meeting the highest regulatory standards.

UK regulatory authorisation confirms that the insurer meets the rigorous PRA and FCA Threshold Conditions, ensuring that ASIC UK operates with the highest standards of financial stability, governance, operational resilience, and customer protection.

Shevawn Barder, AM Specialty’s Group Chief Executive Officer, commented on this important milestone: “This regulatory authorisation marks a significant milestone in AM Specialty’s international expansion and reinforces our commitment to building a fully compliant, operationally resilient insurance platform in the UK. The PRA and FCA approval is a testament to the quality of our governance arrangements, financial resources, and operational capabilities.”

Darren Powell, Chief Executive Officer of ASIC UK, said: “We are delighted to have achieved this important milestone. Securing PRA and FCA authorisation allows us to begin underwriting in the UK with the assurance that we meet all regulatory requirements and operate to the highest standards of governance and conduct. I look forward to leading our UK team as we bring AM Specialty’s disciplined underwriting approach and innovative specialty solutions to the UK market.”

ASIC UK, part of AM Specialty Insurance Group, will operate from its London home to support the Group’s strategic expansion into the UK and London Market.

The newly authorised insurer’s regulatory framework includes an independent Board, appointed Senior Management Function (SMF) role-holders under the Senior Managers and Certification Regime (SM&CR), and a comprehensive risk, compliance, and reporting structure aligned to PRA and FCA expectations.

In response to the authorisation, Dame Susan Langley, Lady Mayor of the City of London, highlighted the importance of the firm’s investment for London’s global financial leadership, stating: “AM Specialty Insurance Company is a major player in global risk management. Their decision to set up a UK presence is a real vote of confidence in London’s role as a world-leading centre for insurance and financial services.

“Moves like this really matter. They show that when leading firms weigh up where to build their next chapter, they’re choosing here and not there. London offers depth, talent, and a level of connectivity that’s hard to beat. And with the UK’s streamlined authorisation pathway, led by the new Office for Investment: Financial Services, we’re making it even easier for world-class companies to get up and running.”

Minister for Investment, Lord Stockwood, also commented on AM Specialty’s growth: “The UK is a thriving hub for financial services, and AM Specialty’s investment will help cement the UK’s position as a leading destination for global investment.

“With financial services identified as a key growth sector in our modern Industrial Strategy, AM Specialty is backing our aim to make the UK the number one destination for financial services by 2035, boosting economic growth and opportunities across the country.”

Further, Chris Hayward, Policy Chairman for the City of London Corporation, welcomed this regulatory development from an industry standpoint, saying: “I want to warmly welcome ASIC to London, bolstering the UK’s position as the world’s leading specialist and commercial insurance market.

“It is encouraging to see regulators deliver the first insurance approval through the UK’s accelerated authorisation pathway through the new Office for Investment: Financial Services, a partnership between the City of London Corporation, regulators and government. This milestone underscores our commitment to growth and sends a clear message to firms worldwide that the UK is open for business.”

Additional support for the insurer’s expansion also came from the UK Department for Business and Trade, with Hayden Boilini, Director of Financial & Professional Services, North America, underlining the collaborative effort that supported the Group’s entry into the UK market: “We are proud to have supported AM Specialty Insurance in accelerating their UK expansion, in collaboration with the Office for Investment: Financial Services team. This investment reinforces the UK’s position as a leading global hub for insurance and innovation. Our Financial and Professional Services team in the U.S. and Canada is committed to helping firms expand into the UK, driving investment and unlocking growth opportunities.”

Front row (left to right):

Dominic Cashman, FCA – Director of Authorisations
Dame Susan Langley, Lady Mayor of the City of London
Shevawn Barder, ASIG CEO
Chris Hayward, City of London Policy Chairman
Rahul Ahluwalia, Office of Investment CEO

Back row (left to right):

Grant Miller, ASIG General Counsel
Darren Powell, ASIC UK CEO
Olivia Barder, ASIG COO
Simon Barder, ASIG Chairman
Anastasia Nishnianidze, City of London Trade and Investment Director

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