| OUTsurance Holdings Limited | |
| Type: | Public |
| Key People: | Herman Bosman Chairman Marthinus Visser CEO |
| Industry: | Insurance & Financial services |
| Products: | Insurance |
| Parent: | OUTsurance Group Limited |
| Homepage: | Homepage |
| Location: | Centurion, South Africa |
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 with headquarters in Centurion, South Africa.[2] It is a financial services holding company based in South Africa, with subsidiaries in Australia and Ireland.
OUTsurance subsidiaries offer various short and long-term insurance to individual and corporate customers.
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. The group launched OUTsurance Life in 2010. This unit allowed the group to offer basic and fully underwritten life insurance products in South Africa. 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. 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]
Companies that make up OUTsurance Holdings include but are not limited to:[9]
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]
| 1 | OUTsurance Group Limited (formerly RMI Holdings) 1 | 89.8 | |
| 2 | OUTsurance Management (direct and indirect) and employee incentive schemes | 10.2 | |
| Total | 100.00 |
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]