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King Price Insurance was founded by Gideon Galloway. [5] [1] The company received its initial funding from Francois van Niekerk of Mertech group and Stefan van der Walt of Nikon, and was launched in 2012. [6] The company offered monthly insurance, reducing premiums that decrease with the depreciating value of the asset.
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The restructure was aimed at separating of RMBH's insurance and banking interests and was executed as follows: [4] The transfer of the RMBH, Remgro and FirstRand's insurance interests to its newly incorporated wholly owned subsidiary, RMI Holdings. These insurance assets were transferred in exchange of additional shares in RMI Holdings.
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