Reinsurance News

Abacai Group acquires Dayinsure

10th March 2021 - Author: Katie Baker

Abacai Group, a new insurtech firm created by specialist private capital provider Sun Capital Partners and former Aviva CEO Mark Wilson, has acquired Dayinsure to bolster its existing insurance businesses.

mergers and acquisitionsFounded in 2005, Dayinsure provides temporary motor insurance cover in the UK for car, van, motorhome and business drivers and has since strengthened in IT and data analytics.

CVC Credit has become a strategic partner of Abacai, providing a combination of equity and debt financing for the acquisition and the group’s future development.

Abacai will retain Dayinsure as a standalone go-to-market business, and the management team will continue to lead  the separate subsidiary. Abacai will continue to focus on serving the insurtech underwriting market through Abacai Capital.

Mark Wilson, CEO and Co-Chairman of Abacai commented: “Temporary motor insurance is a high growth segment at the core of the sharing economy. M&A is one of the two pillars of our growth strategy and we are excited to have completed this transaction so soon after we created Abacai.”

Barry Bown, CEO of Dayinsure added: “We are delighted to become part of Abacai. The customer focussed business model, is a good fit with our own. Teaming up will allow us to grow our footprint and accelerate our development.”

Print Friendly, PDF & Email

Recent Reinsurance News

Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.

  • Only email is mandatory, but the more you tell us about yourself the better we can serve you in future!
  • This field is for validation purposes and should be left unchanged.

By submitting the form you are giving your consent to be emailed by us.

Read previous post:
AgentSync raises $25mn through Series A funding round

AgentSync has raised $25 million in a Series A funding round, co-led by Elad Gil and David Sacks’ Craft Ventures,...