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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]
OUTsurance Holdings Limited – South Africa – 83.6% Shareholding – OUTsurance is a holding company with subsidiaries that conduct both short and long-term insurance activities. [12] Its subsidiaries include: [13] OUTsurance Life Insurance Company – South Africa – 100% Shareholding – Offering life insurance to the South African public.
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This was done by spanning off their entire insurance portfolios (i.e. MMI Holdings, Discovery Limited, OUTsurance and RMB-SI Investments) to RMI Holdings, a wholly owned subsidiary of RMH and subsequently unbundling the entire shareholding in RMI Holdings to their shareholders. [14] This restructure was completed on 7 March 2011. [15]