OUTsurance Holdings

OUTsurance Holdings Limited, commonly referred to as OUTsurance, is a subsidiary of Rand Merchant Investment Holdings (RMI Holdings),[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 Namibia, Australia and New Zealand.

OUTsurance Holdings Limited
TypePublic
IndustryInsurance & Financial services
Founded28 February 1998 (1998-02-28)
HeadquartersCenturion, South Africa
Key people
Herman Bosman'
Chairman
Marthinus Visser
CEO
ProductsInsurance
ParentRMI Holding
WebsiteHomepage

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 the ending its disastrous attempt to crack the New Zealand market.[7]

Member companies

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

  • 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 and funeral 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 personal and commercial lines short-term insurance. FNB Namibia owns 51% of the venture.
  • OUTsurance Properties – South Africa – 100% Shareholding – A property ownership company.
  • Youi Holdings Pty Ltd – Australia – 93% Shareholding – A holding company for Australasia investments.
  • Youi (Proprietary) Limited – Australia – 93% Shareholding –Offering General Insurance
  • Youi Pty Limited SA – South Africa – 100% Shareholding - A financial services provider
  • OUTvest Pty Limited – South Africa – 100% Shareholding - Investment platform company
  • OUTvest Nominees Pty Limited RF Pty Limited – 100% Shareholding – Nominee company for OUTvest Pty Limited
  • Bateleur Technologies Pty Limited – South Africa – 100% Shareholding
  • Hastings Group Holdings – United Kingdom – 14.7% Shareholding – A digital motor and home insurer. OUTsurance owns an indirect interest of 14.7% in Hastings through a 49% interest in Main Street 1353 (Pty) Ltd (Main Street), a subsidiary of RMI Holdings

Ownership

OUTsurance Holdings is an unlisted public company. As at June, 30 2020, the shareholding in the group's stock was as depicted in the table below:[9]

OUTsurance Holdings Limited Stock Ownership
RankName of OwnerPercentage Ownership
1RMI Holdings 189.12
2OUTsurance Management (direct and indirect) and employee incentive schemes10.88
Total100.00


Governance

OUTsurance is governed by a fourteen-person board of directors with Laurie Dippenaar 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 who acts as the chairman, who is supported by a lead independent director, Kubandiran Pillay.

The board was subsequently reduced to 12 members following the retirement of Peter Cooper with effect 1 September 2020.


See also

References
  1. "OUTsurance Holdings Limited 2015 Annual Report". OUTsurance Holdings Limited. 30 June 2015. Retrieved 23 March 2016.
  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.
  9. "OUTsurance Holdings Annual Report 2020" (PDF). OUTsurance Holdings. Retrieved 21 January 2017.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.