Former Aviva chief executive Mark Wilson is preparing to launch a new insurtech in the motor insurance market, backed by London-based private equity firm Sun Capital Partners, according to Sky News.

The new venture, Abacai Holdings, will be created by merging Abacai with Complete Cover Group (CCG), an insurance distribution and underwriting business owned by Sun Capital. Initially, the business will target the non-prime and standard segments of the UK motor insurance market.