OUTsurance Holdings

Last updated

OUTsurance Holdings Limited
Company type Public
Industry Insurance & Financial services
Founded28 February 1998;26 years ago (1998-02-28)
Headquarters Centurion, South Africa
Area served
Key people
Herman Bosman
Chairman
Marthinus Visser
CEO
Products Insurance
Parent OUTsurance Group Limited
Website Homepage

OUTsurance Holdings Limited, commonly referred to as OUTsurance, is a subsidiary of OUTsurance Group Limited (OUTsure, a JSE listed entity), [1] a South African based financial services investment holding company. OUTsurance Holdings Limited was formed in 1998 [2] with headquarters in Centurion, South Africa. [2] It is a financial services holding company based in South Africa, with subsidiaries in Australia and Ireland.

Contents

OUTsurance subsidiaries offer various short and long-term insurance to individual and corporate customers.

History

OUTsurance was launched on 28 February 1998 as a wholly owned subsidiary of RMB Holdings to provide short-term insurance to individuals. [3] On 1 January 2000, OUTsurance acquired the First National Insurance group (FNI) from FirstRand in an all share deal that gave RMBH and FirstRand each an interest of 47.5% in the merged entity, with 5% being held by the staff trust. By virtue of its shareholding in FirstRand, RMBH has 59.4% control in OUTsurance. [4]

2006 saw OUTsurance expand into Namibia with the launch of OUTsurance Insurance Company of Namibia in partnership with FNB Namibia. In 2008 the group launched Youi in Australia, making it the first African company to set up an insurance business in Australia. [1] The group launched OUTsurance Life in 2010. This unit allowed the group to offer basic and fully underwritten life insurance products in South Africa. [1] Recently, OUTsurance Life has started offering funeral and endowment products.

On 7 March 2011, RMB Holdings, Remgro and FirstRand Corporate spun off their insurance assets to RMI Holdings (then a wholly owned subsidiary of RMBH). [5] and separately listing it on the JSE. The stake held in OUTsurance Holding by both RMB Holdings and FirstRand were thus taken up by RMI Holdings which was then listed it on the JSE by way of introduction. [6] This made OUTsurance Holding a subsidiary of RMI Holdings.

In July 2014, OUTsurance expanded into New Zealand with the launch of Youi New Zealand, as a subsidiary of Youi Australia. [1] In September 2019, Tower bought Youi's New Zealand customers ending its attempt to crack the New Zealand market. [7]

In May 2024, OUTsurance Ireland was launched offering short-term personal lines insurance. [8]

Member companies

Companies that make up OUTsurance Holdings include but are not limited to: [9]

Ownership

OUTsurance Holdings is an unlisted public company. As at May 31 2024, the shareholding in the group's stock was as depicted in the table below: [10]

OUTsurance Holdings Limited Stock Ownership
RankName of OwnerPercentage Ownership
1OUTsurance Group Limited (formerly RMI Holdings) 189.8
2OUTsurance Management (direct and indirect) and employee incentive schemes10.2
Total100.00

Governance

OUTsurance Holdings is governed by a board of directors with Herman Bosman as the chairman with Marthinus Visser as chief executive officer.

Laurie Dippenaar retired from the board and his position as the chairman with effect 1 July 2020. He was replaced by Herman Bosman as the chairman, who is supported by a lead independent director, Kubandiran Pillay. [11]

See also

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References

  1. 1 2 3 4 "OUTsurance Holdings Limited". OUTsurance Holdings Limited. 30 June 2015. Retrieved 23 March 2016.
  2. 1 2 "Company Overview of Outsurance Insurance Company Limited". Bloomberg Businessweek . Bloomberg L.P. Retrieved 23 March 2016.
  3. ↑ "RMB Holding 1998 Annual Report" (PDF). RMB Holding Limited. 30 June 1998. Retrieved 23 March 2016.
  4. ↑ "RMB Holding 2000 Annual Report" (PDF). RMB Holding Limited. 30 June 2000. Retrieved 23 March 2016.
  5. ↑ "RMB Holdings Limited - Circular to shareholders regarding the RMBH restructuring" (PDF). RMB Holdings Limited. 3 February 2011. Retrieved 13 December 2014.
  6. ↑ "Pre-listing statement of RMI Holdings relating to the listing of RMI Holdings on the JSE with effect from the commencement of business on 7 March 2011" (PDF). Rand Merchant Insurance Holdings. 3 February 2011. Retrieved 13 December 2014.
  7. ↑ "South African insurer Youi sells its 34,000 New Zealand policies to Tower". Stuff.co.nz. Retrieved 24 September 2019.
  8. ↑ "Minister Carroll MacNeill welcomes OUTsurance to Ireland". 5 January 2024.
  9. ↑ "OUTsurance Holdings Limited 2017 Annual Report" (PDF). 30 June 2017. Retrieved 30 May 2018.[ permanent dead link ]
  10. ↑ "OUTsurance Holdings Annual Report 2020" (PDF). OUTsurance Holdings. Retrieved 21 January 2017.
  11. ↑ "Our people".
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