Wunelli sells Coverbox to Budget co-founder and private equity

Wunelli has sold telematics insurer Coverbox to a group of investors including Budget Insurance co-founder Johan van de Merwe, who will be managing director.

Private equity investors and Van de Merwe plan to roll out a new rating and charging process, as well as signing up more users.

The new company, Coverbox Limited, was formed to buy the Coverbox business from Wunelli. Coverbox will have offices in Billingham, Peterborough and Portsmouth.

Managing director Van der Merwe said: “As attitudes change from resistance to change to demand for change, the opportunity for the insurance industry to drive efficiencies, gain trust and develop new products grows.”