Short term insurance specialist snapped up in multimillion-pound takeover
A Cheshire-based specialist insurer has been acquired by fledgling insurance technology firm, Abacai Group, for an undisclosed sum but believed to be a multimillion-pound transaction.
Dayinsure, located in Tarporley, was founded in 2005, and specialises in temporary cover for cars, vans, motorhomes, learner drivers and business car insurance.
Abacai Group was recently formed by former Aviva boss, Mark Wilson, and Sun Capital Partners, and the deal is their first acquisition to be completed.
As part of the deal, Abacai said CVC Credit, part of international operation CVC Capital Partners, had become a strategic partner of Abacai and supplied equity and debt financing, both for the acquisition and the group’s future development.
Mark Wilson was chief executive of insurance group Aviva from 2012 to 2018, and sees temporary insurance as a growth area in the so-called ‘sharing economy’ where people own fewer assets.
His model is based on the premise that he can disrupt traditional motor insurance through the use of artificial intelligence to offer customers cheaper premiums and tailored deals.
Manchester-based sell-side corporate finance firm Convex Capital advised the shareholders of Dayinsure.com.
The Convex team was led by Mike Driver and Nathalie Hodgkinson and included Isaac Asamoah, Indy Singh, Rob Hodgkinson, James Edge and Warren Meggitt.
Gary Black and Melissa Welch, from Primas Law, provided legal advice.