Abacai Group and Sun Capital Partners have announced the acquisition of Dayinsure for an undisclosed sum, to complement its existing insurance businesses.
Founded in 2005, Dayinsure provides temporary motor insurance cover in the UK for car, van, motorhome and business drivers.
Abacai will retain Dayinsure as a “standalone go-to-market business”, with its management team continuing to lead the separate subsidiary. The group stated it will also continue to focus on serving the insurtech underwriting market through Abacai Capital.
Mark Wilson, CEO and co-chairman of Abacai, said: “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.”