Abacai acquires Dayinsure

AI-based car insurance led by Mark Wilson and Sun Capital Partners Abacai announced the acquisition of DayInsure . Founded in 2005, Dayinsure is a provider of temporary motor insurance cover in the UK for car, van, motorhome and business drivers.

As part of the deal, CVC Credit, the credit arm of private equity and advisory firm CVC Capital Partners, has become a strategic partner of Abacai: providing a combination of equity and debt financing for the acquisition and the company’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.

“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.” – Mark Wilson, CEO and Co-Chairman of Abacai.

“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.” – Barry Bown, CEO of Dayinsure.