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.
Founded 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.”