OUTsurance Holdings

Updated on Dec 26, 2023

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Type Public Net income ZAR:1.9 billion (2016) Headquarters Centurion, Gauteng Subsidiaries Youi Pty Ltd.		Products Insurance Number of employees 4,285 Founded 1994

Industry Insurance & Financial services Key people Laurie Dippenaar Chairman Willem Roos CEO Revenue ZAR:14.7 billion (2016) CEO Howard Aron (30 Apr 2001–), Willem Roos (30 Apr 2001–) Parent organizations Rand Merchant Investment Holdings, OUTsurance Holdings Limited Profiles Twitter YouTube

OUTsurance Holdings Limited, commonly referred to as OUTsurance, is an insurance services holding company with its headquarters in Centurion, South Africa. OUTsurance is an unlisted public company and a subsidiary of RMI Holdings.

Overview

OUTsurance engages in various short and long-term insurance products to individual customers and corporate. The group has subsidiaries in South Africa, Australia, New Zealand and Namibia. The company was incorporated in 1998.

History

OUTsurance was launched on 28 February 1998 as a wholly owned subsidiary of RMB Holdings to provide short-term insurance to individuals. 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.

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. The group launched OUTsurance Life in 2010. This unit allowed the group to offer basic and fully underwritten life insurance products in South Africa.

On 7 March 2011, RMB Holdings, Remgro and FirstRand span off their insurance assets to RMI Holdings (then a wholly owned subsidiary of RMBH). 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. This made OUTsurance Holding a subsidiary of RMI Holdings.

In July 2014, OUTsurance Holding expanded into New Zealand with the launch of Youi New Zealand.

Member companies

Companies that make up OUTsurance Holdings include but are not limited to the following:

OUTsurance Insurance Company – South Africa – 100% Shareholding – Offering General Insurance and other short-term insurance products.

OUTsurance Life Insurance Company – South Africa – 100% Shareholding – Offering Life Insurance to the South African public.

OUTsurance International Holdings – South Africa – 100% Shareholding – A holding company for non-South African investments.

OUTsurance Shared Services – South Africa – 100% Shareholding – A shared service company for the group.

OUTsurance Insurance Company of Namibia – Namibia – 49% Shareholding – Offering General Insurance. FNB Namibia owns 51% of the venture.

Micawber 296 – South Africa – 100% Shareholding – A property ownership company.

Youi Holdings – Australia – 93% Shareholding – A holding company for Australasia investments.

Youi (Proprietary) Limited – Australia – 93% Shareholding –Offering General Insurance

Youi New Zealand – New Zealand – 93% Shareholding – Offering General Insurance

Youi Properties – Australia – 93% Shareholding – A property ownership company.

Ownership

OUTsurance Holdings is an unlisted public company. As at June 2015, the shareholding in the group's stock was as depicted in the table below:

1 – Firness International (Pty) Limited is a wholly owned subsidiary of RMI Holdings

Governance

OUTsurance is governed by a twelve-person board of directors with Laurie Dippenaar as the chairman with Willem Roos and Howard Aron as joint chief executive officers.

References

OUTsurance Holdings Wikipedia

(Text) CC BY-SA