Three Abacai directors, including former Abacai co-founder and former Aviva CEO Mark Wilson, have exited the motor insurance, which has looked to redundancies.
A source close to the matter confirmed that senior leaders Mark Wilson, Colin Price, and Jamie Hay have left the business and that Barry Bown has taken on the role of group CEO at Abacai.
A strategic review of the group is being carried out, it is understood, with Abacai Technologies, Complete Cover Group and Dayinsure to be consolidated into a single business.
Redundancies are part of efforts to realign the cost base of the business while retaining talent, it is understood.
The directorships of Wilson, Abacai co-founder Jamie Hay, and director Colin Price were all terminated on 14 July, Companies House filings show. This followed the trio’s exit from the parent group company in January, according to filings.
As of February, a separate source close to the matter noted that Abacai was considering options moving forward, with markets posing a challenge and the business facing a high bar to raise capital.
Sun Capital-backed venture Abacai emerged in February 2021, targeting the UK motor insurance market. Soon after, in March of 2021, it confirmed its purchase of the short-term car insurance business Dayinsure, with the backing of CVC Credit. Also that year, it partnered with connected motor insurance Ticker.