Jump to content

OUTsurance Holdings: Difference between revisions

Add links
From Wikipedia, the free encyclopedia
Browse history interactively
← Previous edit
Content deleted Content added
VisualWikitext
m Reverted edit by 152.58.59.0 (talk) to last version by Pienaari
Pienaari (talk | contribs)
45 edits
mNo edit summary
 
(7 intermediate revisions by 5 users not shown)
Line 1: Line 1:
{{Paid contributions|date=July 2024}}
{{EngvarB|date=March 2016}}
{{EngvarB|date=March 2016}}
{{Use dmy dates|date=March 2016}}
{{Use dmy dates|date=March 2016}}
Line 13: Line 14:
* [[South Africa]]
* [[South Africa]]
* [[Australia]]
* [[Australia]]
* [[New Zealand]]
* [[Ireland]]
}}
}}
| homepage = [http://www.outsurance.co.za/ Homepage]
| homepage = [http://www.outsurance.co.za/ Homepage]
Line 20: Line 21:
}}
}}


'''OUTsurance Holdings Limited''', commonly referred to as '''OUTsurance''', is a subsidiary of OUTsurance Group Limited (OUTsure, a JSE listed entity),<ref name=":1">{{Cite web|url=https://www.outsurance.co.za/adx/aspx/adxGetMedia.aspx?DN=2633afd0-dae7-4f78-b78f-105a78bc80a7|title=OUTsurance Holdings Limited 2015 Annual Report|last=|first=|date=30 June 2015|website=|publisher=OUTsurance Holdings Limited|access-date=2016-03-23}}</ref> a [[South Africa]]n based financial services investment holding company. OUTsurance Holdings Limited was formed in 1998<ref name=":0" /> and is an unlisted public company with headquarters in [[Centurion, Gauteng|Centurion]], [[South Africa]].<ref name=":0">{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=20757724|title=Company Overview of Outsurance Insurance Company Limited|last=|first=|date=|website=[[Bloomberg Businessweek]]|publisher=[[Bloomberg L.P.]]|access-date=2016-03-23}}</ref> It is a financial services holding company based in South Africa, with subsidiaries in [[Australia]] and [[New Zealand]].
'''OUTsurance Holdings Limited''', commonly referred to as '''OUTsurance''', is a subsidiary of OUTsurance Group Limited (OUTsure, a JSE listed entity),<ref name=":1">{{Cite web|url=https://group.outsurance.co.za/about-us/|title=OUTsurance Holdings Limited|last=|first=|date=30 June 2015|website=|publisher=OUTsurance Holdings Limited|access-date=2016-03-23}}</ref> a [[South Africa]]n based financial services investment holding company. OUTsurance Holdings Limited was formed in 1998<ref name=":0" /> with headquarters in [[Centurion, Gauteng|Centurion]], [[South Africa]].<ref name=":0">{{Cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=20757724|title=Company Overview of Outsurance Insurance Company Limited|last=|first=|date=|website=[[Bloomberg Businessweek]]|publisher=[[Bloomberg L.P.]]|access-date=2016-03-23}}</ref> 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 as well as investment products to individual and corporate customers.
OUTsurance subsidiaries offer various short and long-term insurance to individual and corporate customers.


== History ==
== History ==
Line 32: Line 33:


In July 2014, OUTsurance expanded into New Zealand with the launch of [[Youi]] New Zealand, as a subsidiary of Youi Australia.<ref name=":1" /> In September 2019, Tower bought Youi's New Zealand customers ending its attempt to crack the New Zealand market.<ref>{{Cite web|url=https://www.stuff.co.nz/business/116042669/south-african-insurer-youi-sells-its-34000-new-zealand-policies-to-tower|title= South African insurer Youi sells its 34,000 New Zealand policies to Tower.|last=|first=|date=|website=|publisher=Stuff.co.nz|access-date=2019-09-24}}</ref>
In July 2014, OUTsurance expanded into New Zealand with the launch of [[Youi]] New Zealand, as a subsidiary of Youi Australia.<ref name=":1" /> In September 2019, Tower bought Youi's New Zealand customers ending its attempt to crack the New Zealand market.<ref>{{Cite web|url=https://www.stuff.co.nz/business/116042669/south-african-insurer-youi-sells-its-34000-new-zealand-policies-to-tower|title= South African insurer Youi sells its 34,000 New Zealand policies to Tower.|last=|first=|date=|website=|publisher=Stuff.co.nz|access-date=2019-09-24}}</ref>

In May 2024, OUTsurance Ireland was launched offering short-term personal lines insurance. <ref>{{cite web | url=https://www.gov.ie/en/press-release/9de52-minister-carroll-macneill-welcomes-outsurance-to-ireland/ | title=Minister Carroll MacNeill welcomes OUTsurance to Ireland | date=5 January 2024 }}</ref>


== Member companies ==
== Member companies ==
Companies that make up OUTsurance Holdings include but are not limited to:<ref>{{Cite web|url=https://www.outsurance.co.za/siteassets/about-us/financial-results/2017/outsurance-holdings-limited-annual-report-20170630.pdf|title=OUTsurance Holdings Limited 2017 Annual Report|date=30 June 2017|access-date=30 May 2018}}</ref>
Companies that make up OUTsurance Holdings include but are not limited to:<ref>{{Cite web|url=https://www.outsurance.co.za/siteassets/about-us/financial-results/2017/outsurance-holdings-limited-annual-report-20170630.pdf|title=OUTsurance Holdings Limited 2017 Annual Report|date=30 June 2017|access-date=30 May 2018}}{{Dead link|date=January 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>


* OUTsurance Insurance Company – South Africa – 100% Shareholding – Offering General Insurance and other short-term insurance products.
* OUTsurance Insurance Company – South Africa – 100% Shareholding – Offering General Insurance and other short-term insurance products.
Line 42: Line 45:
* OUTsurance Properties – South Africa – 100% Shareholding – A property ownership company.
* OUTsurance Properties – South Africa – 100% Shareholding – A property ownership company.
* Youi Holdings Pty Ltd – Australia – 93% Shareholding – A holding company for Australasia investments.
* Youi Holdings Pty Ltd – Australia – 93% Shareholding – A holding company for Australasia investments.
* Youi (Proprietary) Limited – Australia – 93% Shareholding –Offering General Insurance
* Youi (Proprietary) Limited – Australia – 94.6% Shareholding –Offering General Insurance
* 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
* CloudBadger Technologies Pty Limited – South Africa – 48% Shareholding
* CloudBadger Technologies Pty Limited – South Africa – 48% Shareholding


== Ownership ==
== 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:<ref>{{Cite web|url=https://www.outsurance.co.za/globalassets/documents/outsurance-sa/general/financial-results/annual_report_2020.pdf|title=OUTsurance Holdings Annual Report 2020|last=|first=|date=|website=|publisher=OUTsurance Holdings|access-date=2017-01-21}}</ref>
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:<ref>{{Cite web|url=https://www.outsurance.co.za/globalassets/documents/outsurance-sa/general/financial-results/annual_report_2020.pdf|title=OUTsurance Holdings Annual Report 2020|last=|first=|date=|website=|publisher=OUTsurance Holdings|access-date=2017-01-21}}</ref>


{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
{| class="wikitable sortable" style="margin-left:auto;margin-right:auto"
Line 54: Line 55:
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|-
|1|| OUTsurance Group Limited (formerly RMI Holdings) <sup>1</sup> || 89.26
|1|| OUTsurance Group Limited (formerly RMI Holdings) <sup>1</sup> || 89.8
|-
|-
|2|| OUTsurance Management (direct and indirect) and employee incentive schemes || 10.74
|2|| OUTsurance Management (direct and indirect) and employee incentive schemes || 10.2
|-
|-
| ||'''Total'''||'''100.00'''
| ||'''Total'''||'''100.00'''
Line 64: Line 65:
OUTsurance Holdings is governed by a board of directors with Herman Bosman as the chairman with Marthinus Visser as chief executive officer.
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.
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.<ref>{{cite web | url=https://group.outsurance.co.za/environmental-social-governance/our-people/ | title=Our people }}</ref>


== See also ==
== See also ==
{{columns-list|colwidth=22em|
{{columns-list|colwidth=22em|
* [[Rand Merchant Investment Holdings]]
* [[First Rand]]
* [[First Rand]]
* [[RMB Holdings]]
* [[RMB Holdings]]

Latest revision as of 12:35, 18 September 2024

OUTsurance Holdings Limited
Company typePublic
IndustryInsurance & Financial services
Founded28 February 1998; 26 years ago (1998-02-28)
HeadquartersCenturion, South Africa
Area served
Key people
Herman Bosman
Chairman
Marthinus Visser
CEO
ProductsInsurance
ParentOUTsurance Group Limited
WebsiteHomepage

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.

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

History

[edit]

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

[edit]

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

  • 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 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 – 94.6% Shareholding –Offering General Insurance
  • CloudBadger Technologies Pty Limited – South Africa – 48% Shareholding

Ownership

[edit]

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
Rank Name of Owner Percentage Ownership
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

Governance

[edit]

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

[edit]

References

[edit]
  1. ^ a b c d "OUTsurance Holdings Limited". OUTsurance Holdings Limited. 30 June 2015. Retrieved 23 March 2016.
  2. ^ a b "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".
[edit]
Retrieved from "https://en.wikipedia.org/enwiki/w/index.php?title=OUTsurance_Holdings&oldid=1246352101"