Mark Wilson, the ex-Aviva boss turned fintech entrepreneur, is poised to announce the first multi-million-pound deal by his new company Abacai.
He has purchased motor insurer Dayinsure for an undisclosed price via Abacai, a so-called ‘insurtech’ company he recently launched with the backing of private equity firm Sun Capital Partners.
The deal should be announced within days. Wilson was chief executive of insurance group Aviva from 2012 to 2018. At Abacai, he has been quick to make his first acquisition. Dayinsure, set up in 2005, specialises in short-term insurance, such as for rental vehicles.
In the fast lane: Dayinsure, set up in 2005, specialises in short-term insurance, such as for rental vehicles
The deal has been funded by CVC Credit, an arm of the international private equity firm, which has formed a strategic partnership with Abacai and will also finance future development. Wilson is understood to see temporary insurance as a growth area in the ‘sharing economy’ where people in future are less likely to own assets.
Wilson, who is running his new company alongside Sun Capital co-founder Edward Spencer Churchill, believes he can disrupt the traditional motor insurance market by using artificial intelligence to offer customers cheaper premiums and tailored deals. Abacai has signed up giant German re-insurer Munich Re as a strategic partner.
Along with other so-called fintech businesses, insurtech is a hot area. US operator Lemonade, one of the best-known names in the sector, which specialises in insurance for renters, floated on the stock market last year and is now valued at £4.2billion.
Insurtech companies say they can harness technology to offer cheaper premiums and pay claims quicker. Wilson declined to comment.
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