OUTsurance Holdings
| Company type | Public |
|---|---|
| Industry | Insurance & Financial services |
| Founded | 28 February 1998 |
| Headquarters | Centurion, South Africa |
Key people | Laurie Dippenaar Chairman Willem Roos CEO |
| Products | Insurance |
| Revenue |  ZAR:14.7 billion (2016) |
| ZAR:1.9 billion (2016) | |
| Total assets | ZAR:14.7 billion (2016) |
| Total equity | ZAR:5.9 billion (2016) |
Number of employees | 4,285 (2016) |
| Parent | RMI Holding |
| Website | Homepage |
OUTsurance Holdings Limited, commonly referred to as OUTsurance, is an insurance services holding company with its headquarters in Centurion, South Africa.[1] OUTsurance is an unlisted public company and a subsidiary of RMI Holdings.[2]
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.[1]
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.[2] The group launched OUTsurance Life in 2010. This unit allowed the group to offer basic and fully underwritten life insurance products in South Africa.[2]
On 7 March 2011, RMB Holdings, Remgro and FirstRand span 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 Holding expanded into New Zealand with the launch of Youi New Zealand.[2]
Member companies
Companies that make up OUTsurance Holdings include but are not limited to the following:[2]
- 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 Pty Ltd – Australia – 93% Shareholding – A holding company for Australasia investments.
- Youi (Proprietary) Limited – Australia – 93% Shareholding –Offering General Insurance
- Youi New Zealand Pty Ltd – New Zealand – subsidiary of Youi Holdings Pty Ltd [7] – 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:[8]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Firness International1 | 83.4 |
| 2 | OUTsurance Investment Trust | 6.4 |
| 3 | OUTsurance Management | 9.2 |
| 4 | OUTsurance Holdings Share Trust | 1.0 |
| Total | 100.00 |
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.[2]
See also
References
- ^ a b "Company Overview of Outsurance Insurance Company Limited". Bloomberg Businessweek. Bloomberg L.P. Retrieved 23 March 2016.
- ^ a b c d e f "OUTsurance Holdings Limited 2015 Annual Report". OUTsurance Holdings Limited. 30 June 2015. Retrieved 23 March 2016.
- ^ "RMB Holding 1998 Annual Report" (PDF). RMB Holding Limited. 30 June 1998. Retrieved 23 March 2016.
- ^ "RMB Holding 2000 Annual Report" (PDF). RMB Holding Limited. 30 June 2000. Retrieved 23 March 2016.
- ^ "RMB Holdings Limited - Circular to shareholders regarding the RMBH restructuring" (PDF). RMB Holdings Limited. 3 February 2011. Retrieved 13 December 2014.
- ^ "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.
- ^ New entrant a threat to broker model?
- ^ "OUTsurance Holdings 2016 Annual Report" (PDF). OUTsurance Holdings. Retrieved 21 January 2017.