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
Pienaari (talk | contribs)
45 edits
mNo edit summary
 
(28 intermediate revisions by 16 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}}
{{Infobox company
{{Infobox company
| name = OUTsurance Holdings Limited
| name = OUTsurance Holdings Limited
| logo = [[File:OUTsurance logo.svg|150px]]
| logo = [[File:OUTsurance logo.svg|150px]]
| type = [[Public company|Public]]
| type = [[Public company|Public]]
| key_people = '''Laurie Dippenaar''' <br/> [[Chairman]] <br/> '''Marthinus Visser''' <br/> [[Chief Executive Officer|CEO]]
| key_people = '''Herman Bosman''' <br/> [[Chairman]] <br/> '''Marthinus Visser''' <br/> [[Chief Executive Officer|CEO]]
| industry = [[Insurance]] & [[Financial services]]
| industry = [[Insurance]] & [[Financial services]]
| products = [[Insurance]]
| products = [[Insurance]]
| parent = OUTsurance Group Limited
| revenue ={{Increase}} [[South African rand|ZAR]]:14.7 billion <small>(2016)</small>
| area_served =
| net_income ={{Increase}} ZAR:1.9 billion <small>(2016)</small>
{{Plainlist|
| assets ={{Increase}} ZAR:14.7 billion <small>(2016)</small>
* [[South Africa]]
| equity ={{Increase}} ZAR:5.9 billion <small>(2016)</small>
* [[Australia]]
| num_employees = 4,285 <small>(2016)</small>
* [[Ireland]]
| parent = [[Rand Merchant Investment Holdings|RMI Holding]]
}}
| homepage = [http://www.outsurance.co.za/ Homepage]
| homepage = [http://www.outsurance.co.za/ Homepage]
| foundation = {{Start date and years ago|1998|02|28|df=y}}
| foundation = {{Start date and years ago|1998|02|28|df=y}}
| location = [[Centurion, Gauteng|Centurion]], [[South Africa]]
| location = [[Centurion, Gauteng|Centurion]], [[South Africa]]
}}
}}


'''OUTsurance Holdings Limited''', commonly referred to as '''OUTsurance''', is a subsidiary of [[Rand Merchant Investment Holdings]] (RMI Holdings),<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 an insurance services holding company based in South Africa, with subsidiaries in [[Namibia]], [[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 products to individual and corporate customers.
OUTsurance subsidiaries offer various short and long-term insurance to individual and corporate customers.


== History ==
== History ==
OUTsurance was launched on 28 February 1998 as a wholly owned subsidiary of [[RMB Holdings]] to provide short-term insurance to individuals.<ref>{{Cite web|url=http://www.rmbh.co.za/reports/annual1998/rmbh98.pdf|title=RMB Holding 1998 Annual Report|last=|first=|date=1998-06-30|website=|publisher=RMB Holding Limited|access-date=2016-03-23}}</ref> On 1 January 2000, OUTsurance acquired the First National Insurance group (FNI) from [[First Rand|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.<ref>{{Cite web|url=http://www.rmbh.co.za/reports/annual2000/rmbhar2000.pdf|title=RMB Holding 2000 Annual Report|last=|first=|date=2000-06-30|website=|publisher=RMB Holding Limited|access-date=2016-03-23}}</ref>
OUTsurance was launched on 28 February 1998 as a wholly owned subsidiary of [[RMB Holdings]] to provide short-term insurance to individuals.<ref>{{Cite web|url=http://www.rmbh.co.za/reports/annual1998/rmbh98.pdf|title=RMB Holding 1998 Annual Report|last=|first=|date=1998-06-30|website=|publisher=RMB Holding Limited|access-date=2016-03-23}}</ref> On 1 January 2000, OUTsurance acquired the First National Insurance group (FNI) from [[First Rand|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.<ref>{{Cite web|url=http://www.rmbh.co.za/reports/annual2000/rmbhar2000.pdf|title=RMB Holding 2000 Annual Report|last=|first=|date=2000-06-30|website=|publisher=RMB Holding Limited|access-date=2016-03-23}}</ref>


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.<ref name=":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.<ref name=":1" />
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.<ref name=":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.<ref name=":1" /> Recently, OUTsurance Life has started offering funeral and endowment products.


On 7 March 2011, RMB Holdings'','' [[Remgro]] and FirstRand [[Corporate spin-off|span off]] their insurance assets to [[Rand Merchant Investment Holdings|RMI Holdings]] (then a wholly owned subsidiary of RMBH).<ref name=":02">{{Cite web|url=http://www.rmbh.co.za/pdf/restructuring/RMBH_circular.pdf|title=RMB Holdings Limited - Circular to shareholders regarding the RMBH restructuring.|last=|first=|date=3 February 2011|website=|publisher=RMB Holdings Limited|accessdate=13 December 2014}}</ref> and separately listing it on the [[JSE Limited|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 Limited|JSE]] by way of introduction.<ref>{{Cite web|url=http://www.rmbh.co.za/pdf/restructuring/RMBH_circular.pdf|title=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|last=|first=|date=3 February 2011|website=|publisher=Rand Merchant Insurance Holdings|accessdate=13 December 2014}}</ref> This made OUTsurance Holding a subsidiary of RMI Holdings.
On 7 March 2011, RMB Holdings'','' [[Remgro]] and FirstRand Corporate spun off their insurance assets to [[Rand Merchant Investment Holdings|RMI Holdings]] (then a wholly owned subsidiary of RMBH).<ref name=":02">{{Cite web|url=http://www.rmbh.co.za/pdf/restructuring/RMBH_circular.pdf|title=RMB Holdings Limited - Circular to shareholders regarding the RMBH restructuring.|last=|first=|date=3 February 2011|website=|publisher=RMB Holdings Limited|accessdate=13 December 2014}}</ref> and separately listing it on the [[JSE Limited|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 Limited|JSE]] by way of introduction.<ref>{{Cite web|url=http://www.rmbh.co.za/pdf/restructuring/RMBH_circular.pdf|title=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|last=|first=|date=3 February 2011|website=|publisher=Rand Merchant Insurance Holdings|accessdate=13 December 2014}}</ref> 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.<ref name=":1" />
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.
* OUTsurance Life Insurance Company – South Africa – 100% Shareholding – Offering Life Insurance to the South African public.
* 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 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 Shared Services – South Africa – 100% Shareholding – A shared service company for the group.
* OUTsurance Insurance Company of Namibia – Namibia – 49% Shareholding – Offering General Insurance. [[First National Bank (Namibia)|FNB Namibia]] owns 51% of the venture.
* 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 – 94.6% Shareholding –Offering General Insurance
* Youi (Proprietary) Limited – Australia – 93% Shareholding –Offering General Insurance
* CloudBadger Technologies Pty Limited – South Africa – 48% Shareholding
* Youi New Zealand Pty Ltd – New Zealand – subsidiary of Youi Holdings Pty Ltd <ref>[https://m.insurancebusinessmag.com/nz/news/breaking-news/new-entrant-a-threat-to-broker-model-51140.aspx New entrant a threat to broker model?]</ref> – Offering General Insurance
* Youi Properties – Australia – 93% Shareholding – A property ownership company.
* Youi Pty Limited SA – South Africa – 100% Shareholding - A financial services provider
* OUTvest Pty Limited – South Africa – 100% Shareholding - Online digital investment 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 Insurance|Hastings Group Holdings]] – UK – 14.7% Shareholding – An online based digital insurer.


== Ownership ==
== Ownership ==
OUTsurance Holdings is an unlisted public company. As at March 2018, the shareholding in the group's stock was as depicted in the table below:<ref>{{Cite web|url=https://www.outsurance.co.za/siteassets/about-us/financial-report/ar/outsurance-holdings-limited-annual-report-30-june-2016.pdf|title=OUTsurance Holdings 2016 Annual Report|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 58: Line 55:
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
! style="width:2em;" |Rank !!Name of Owner!!Percentage Ownership
|-
|-
|1|| Firness International<sup>1</sup> || 80.30
|1|| OUTsurance Group Limited (formerly RMI Holdings) <sup>1</sup> || 89.8
|-
|-
|2|| OUTsurance Investment Trust || 3.88
|2|| OUTsurance Management (direct and indirect) and employee incentive schemes || 10.2
|-
|3|| OUTsurance Management || 5.38
|-
|4|| OUTsurance Holdings Share Trust || 1.19
|-
|5|| OUTsurance Equity trust || 0.88
|-
|6|| OUTsurance Equity Trust 2 || 0.05
|-
|7|| Rand Merchant Insurance Asset Holdings<sup>1</sup> || 8.32
|-
|-
| ||'''Total'''||'''100.00'''
| ||'''Total'''||'''100.00'''
|}
|}

1 – Firness International (Pty) Limited and Rand Merchant Insurance Asset Holdings are wholly owned subsidiaries of RMI Holdings


== Governance ==
== Governance ==
OUTsurance is governed by a twelve-person board of directors with Laurie Dippenaar as the chairman with Daniel Matthee as chief executive officer.<ref name=":1" />
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.<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|
* [[MMI Holdings Limited]]
* [[Discovery Limited]]
* [[Rand Merchant Investment Holdings]]
* [[First Rand]]
* [[First Rand]]
* [[RMB Holdings]]
* [[RMB Holdings]]
Line 102: Line 86:
* [http://www.firstrand.co.za/Pages/Firstrand.aspx First Rand Homepage]
* [http://www.firstrand.co.za/Pages/Firstrand.aspx First Rand Homepage]
* [http://remgro.com/ Remgro]
* [http://remgro.com/ Remgro]
* [https://www.outsurance.co.za/globalassets/documents/outsurance-sa/general/financial-results/annual_report_2020.pdf Annual Results 2020]
}}
}}


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"