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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.
Youi was founded in 2007 by its parent company OUTsurance, making it the first African company to set up an insurance firm in Australia. OUTsurance is also a Rand Merchant Investment Holdings subsidiary, a South African investment holding company. [5] In 2014, OUTsurance launched Youi New Zealand as the subsidiary of Youi Australia. [5]
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