It looks like former Aviva Plc boss Mark Wilson is wasting no time, now that he’s back in the game.
Wilson’s insurtech Abacai Group, the newcomer set up in partnership with Sun Capital Partners, is acquiring short-term car insurance firm Dayinsure for an undisclosed sum.
The latter becomes an Abacai subsidiary, with the group retaining Dayinsure as a standalone go-to-market business while Abacai continues to focus on serving the insurtech underwriting market via Abacai Capital.
Funding the swoop, as well as the insurtech’s future development, is Abacai strategic partner CVC Credit. The dedicated credit arm of private equity and advisory firm CVC Capital Partners, CVC Credit will provide Abacai a combination of equity and debt financing.
“We are delighted to become part of Abacai,” commented Dayinsure chief executive Barry Bown, whose camp will continue to lead the temporary motor insurance provider. “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.”
Dayinsure came to life in 2005 and counts IT and data analytics among its strengths.
Wilson – the CEO and co-chair of Abacai who has returned to the industry after being away from insurance for over two years – noted: “Temporary motor insurance is a high growth segment at the core of the sharing economy.
“M&A (mergers and acquisitions) 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.”