OUTsurance Holdings

Last updated

OUTsurance Holdings Limited
Type Public
Industry Insurance & Financial services
Founded28 February 1998;25 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] and is an unlisted public company with headquarters in Centurion, South Africa. [2] It is a financial services holding company based in South Africa, with subsidiaries in Australia and New Zealand.

Contents

OUTsurance subsidiaries offer various short and long-term insurance as well as investment products 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]

Member companies

Companies that make up OUTsurance Holdings include but are not limited to: [8]

Ownership

OUTsurance Holdings is an unlisted public company. As at June 30 2022, the shareholding in the group's stock was as depicted in the table below: [9]

OUTsurance Holdings Limited Stock Ownership
RankName of OwnerPercentage Ownership
1OUTsurance Group Limited (formerly RMI Holdings) 189.26
2OUTsurance Management (direct and indirect) and employee incentive schemes10.74
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.

See also

Related Research Articles

<span class="mw-page-title-main">Nedbank</span> Financial services group in South Africa

Nedbank Group is a financial services group in South Africa offering wholesale and retail banking services as well as insurance, asset management, and wealth management. Nedbank Limited is a wholly owned subsidiary of Nedbank Group.

<span class="mw-page-title-main">Clover Industries</span> Dairy company in South Africa

Clover Industries Limited is a branded foods and beverages group that used to be listed on the main board of the Johannesburg Stock Exchange. The company was delisted after a takeover by Milco, led by the Central Bottling Company from Israel.

<span class="mw-page-title-main">First National Bank (South Africa)</span> Commercial bank in South Africa

First National Bank is one of South Africa's "big four" banks. It is a division of FirstRand, a large financial services conglomerate, which trades on the Johannesburg Securities Exchange (JSE), under the symbol: FSR. FNB is also listed on the Botswana Stock Exchange under the symbol FNBB and is a constituent of the BSE Domestic Company Index.

Olympia Capital Holdings Limited is a holding company comprising several businesses in East and Southern Africa. The company's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Botswana and South Africa. The company is listed on the Nairobi Securities Exchange (NSE) and trades as OCH. In addition to the NSE listing, its Botswana subsidiary Olympia Capital Corporation is listed on the Botswana Stock Exchange.

Sanlam is a South African financial services group headquartered in Bellville, Western Cape, South Africa. Sanlam is the largest insurance company in Africa. It is listed on the Johannesburg Stock Exchange, the Namibian Stock Exchange and the A2X. Established in 1918 as a life insurance company, Sanlam Group has developed into a diversified financial services business. Its five business clusters comprise Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Sanlam Corporate and Santam.

<span class="mw-page-title-main">FirstRand</span> South African financial service provider

FirstRand Limited, also referred to as FirstRand Group is the holding company of FirstRand Bank, and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, the national banking regulator.

Old Mutual Holdings Plc, Formally known as UAP Holdings Limited, is an investment, retirement, and insurance group that operates mainly in Eastern Africa. UAP Holdings is one of the leading insurance and financial services groups in eastern Africa with a network of branches and operational subsidiaries spread across the greater eastern and central Africa regions.

Britam Holding PLC is a leading diversified financial services group and is listed on the Nairobi Securities Exchange. The group has presence in seven Africa countries in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique and Malawi.

<span class="mw-page-title-main">CIC Insurance Group</span> African insurance and investment group

CIC Insurance Group Limited, commonly referred to as CIC Group, is an insurance and investment group that operates mainly in Kenya, Uganda, South Sudan and Malawi. CIC Group has a network of branches and operational subsidiaries spread across the 4 countries.

Sanlam Kenya plc is an insurance, investment and retirement group based in Kenya.

Alexander Forbes Group Holdings, commonly referred to as Alexforbes is a diversified financial services organisation. The company is headquartered in Johannesburg, South Africa, with a presence in two other countries on the African continent: Namibia and Botswana and in the Channel Islands through an offshore Jersey operation.

Distell Group Limited, commonly referred to as Distell, was a multinational brewing and beverage company, based in South Africa. On April 26, 2023, Distell was acquired by Heineken.

<span class="mw-page-title-main">Rand Merchant Investment Holdings</span>

Rand Merchant InvestmentHoldings, also referred to as RMI Holdings, is a listed financial services investment holding company that holds various insurance brands in South Africa, Australia, China, Mauritius, New Zealand, Republic of Ireland, Singapore, the United Kingdom and the United States of America.

Momentum Metropolitan Holdings Limited, formerly MMI Holdings Limited, is a South African based financial services group that is listed on the Johannesburg Stock Exchange.

<span class="mw-page-title-main">Discovery Limited</span> South African-based financial services group

Discovery Limited is a South Africa-based financial services group that is listed on the Johannesburg Stock Exchange (JSE) with its headquarters in Sandton.

RMH, previously known as Rand Merchant Bank Holdings, is a South African diversified financial services holding company.

Remgro Limited is an investment holding company based in Stellenbosch, South Africa. It has interests in banking, financial services, packaging, glass products, medical services, mining, petroleum, beverage, food and personal care products. In 2015, Forbes listed Remgro as the 9th biggest publicly traded company in South Africa and 1436th in the world.

Youi is an Australian insurance company. Its services cover vehicles, homes, product liability, and watercraft. Youi was founded in 2007 by its parent company OUTsurance and is headquartered in Queensland, Australia.

Botswana Insurance Holdings Limited is an investment, retirement, and insurance group that maintains its headquarters in Botswana and operates through three subsidiaries and holds a stake in a number of associate companies. BIHL Group was established in 1975 and has been listed on the Botswana Stock Exchange since 1991.

NICO Holdings plc is a diversified financial services group and is listed on the Malawi Stock Exchange.

References

  1. 1 2 3 4 "OUTsurance Holdings Limited 2015 Annual Report". 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. ↑ "OUTsurance Holdings Limited 2017 Annual Report" (PDF). 30 June 2017. Retrieved 30 May 2018.[ permanent dead link ]
  9. ↑ "OUTsurance Holdings Annual Report 2020" (PDF). OUTsurance Holdings. Retrieved 21 January 2017.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.