Rand Merchant Investment Holdings, also referred to as RMI Holdings, is a listed financial services investment holding company that holds various insurance brands in

South Africa South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. It is bounded to the south by of coastline that stretch along the South Atlantic and Indian Oceans; to the north by the neighbouring countri ...

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Mauritius Mauritius ( ; french: Maurice, link=no ; mfe, label=Mauritian Creole, Moris ), officially the Republic of Mauritius, is an island nation in the Indian Ocean about off the southeast coast of the African continent, east of Madagascar. It incl ...

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Republic of Ireland Ireland ( ga, Éire ), also known as the Republic of Ireland (), is a country in north-western Europe consisting of 26 of the 32 counties of the island of Ireland. The capital and largest city is Dublin, on the eastern side of the island. A ...

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...

, the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...

and the

United States of America The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territo ...

Overview

RMI Holdings is listed on the JSE and insurance and investment products and services to retail, commercial, corporate and public sector customers. The group has its headquarters in

Sandton Sandton is an upscale commercial and residential district north of the city of Johannesburg, South Africa. It forms part of the City of Johannesburg Metropolitan Municipality. The name of the city came from the combination of two of its suburbs, ...

, South Africa.

History

RMI Holdings was incorporated and registered in South Africa on 24 March 2010 as a wholly owned subsidiary of RMB Holdings. On 7 March 2011,

RMB Holdings RMB Holdings Limited (RMBH), previously known as Rand Merchant Bank Holdings, is a South African diversified financial services holding company. Overview RMB Holdings is listed on the JSE with its headquarters in Sandton, South Africa. Hi ...

(RMBH)'','' ''''

Remgro Remgro Limited is an investment holding company based in Stellenbosch, South Africa. It has interests in banking, financial services, packaging, glass products, medical services, mining, petroleum, beverage, food and personal care products. In ...

and

FirstRand FirstRand Limited, also referred to as FirstRand Group is the holding company of FirstRand Bank, and is a financial services provider in South Africa. It is one of the financial services providers licensed by the Reserve Bank of South Africa, t ...

span off their insurance assets to RMI Holdings and separately listing it on the JSE.

RMB Holdings Restructure

The RMB Holdings restructure was announced on 10 December 2010. Its aim was to create separate focused insurance and banking entities. Prior to the restructure RMB Holdings portfolio comprised * FirstRand – 30% Shareholding. * OUTsurance – 58.5% Shareholding – RMB Holdings held 45% of OUTsurance directly and an additional 45% through FirstRand bring the total control to 58.5%. * Momentum Metropolitan Holdings – 18% Shareholding. * Discovery – 25% Shareholding. * RMB-Structured Insurance – 76% Shareholding. The restructure was aimed at separating of RMBH's insurance and banking interests and was executed as follows: * 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. * The unbundling of RMBH's shares in RMI Holdings to RMBH shareholders and the separate listing of RMI Holdings on the JSE by way of introduction. RMI Holdings would then become an insurance-focused investment entity.

Post Restructure

The RMBH restructure was completed on 7 March 2011 and the shares of RMIH started trading at the JSE on the same day. This restructure was made possible due to the common shareholding in RMB Holding, Remgro and FirstRand. However, to date RMB Holdings and RMI Holdings share the same management team and resources under a management contract. In January 2016, the firm changed its name to Rand Merchant Investment Holdings. This was in line with the firm's strategy to invest in the broader financial services sector and beyond the insurance industry. In the same year, RMI Holdings announced that it would be selling its entire shareholding in RMB-SI to

Santam Santam is a South African financial services group that also has business interests in Malawi, Tanzania, Uganda, Zimbabwe and Zambia. Santam's head office is located in Bellville in the Western Cape, South Africa. The company is listed on the J ...

. In 2022, RMIH holding embarked on a restructure of its operations. This involved the unbundling its entire stake in Discovery Limited and Momentum Metropolitan Holdings Limited to its shareholders and the sale of its stake Hastings Group Holdings plc. The company also resolved to change its name to OUTsurance Group.

Member companies

The companies that compose RMI Holdings include:

Current investments

# OUTsurance Holdings Limited – South Africa – 83.6% Shareholding – OUTsurance is a holding company with subsidiaries that conduct both short and long-term insurance activities. Its subsidiaries include: #* OUTsurance Life Insurance Company – South Africa – 100% Shareholding – Offering

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

to the South African public. #* OUTsurance Insurance Company Limited – South Africa – 100% Shareholding – Offering general insurance. #* Youi (Proprietary) Limited –

– 93% Shareholding – Offering general insurance #* Youi New Zealand –

– 93% Shareholding – Offering general insurance – The Youi Insurance NZ portfolio was sold to Tower Insurance in December 2019. #* OUTsurance Namibia Insurance Company Limited –

Namibia Namibia (, ), officially the Republic of Namibia, is a country in Southern Africa. Its western border is the Atlantic Ocean. It shares land borders with Zambia and Angola to the north, Botswana to the east and South Africa to the south and ea ...

– 49% Shareholding – Offering general insurance. FNB Namibia owns 51% of the venture. # RMI Investment Managers – South Africa – 100%Shareholding – The Investment advisory arm of the group. # Entersekt – South Africa – 25.1% Shareholding – An online banking security company. # AlphaCode – South Africa – 100% Shareholding – A technology venture capital firm in South Africa. # Merchant Capital – South Africa – 25.1% Shareholding – A provider of working capital finance to SMEs in South Africa. Held through AlphaCode. #

Prodigy Finance Prodigy Finance is a fintech platform that enables financing for international postgraduate students who attend a participating business school or postgraduate institution. Prodigy Finance's loans are collectively funded by a community of alumn ...

– UK – 3.5% Shareholding – an online platform that enables

financing Funding is the act of providing resources to finance a need, program, or project. While this is usually in the form of money, it can also take the form of effort or time from an organization or company. Generally, this word is used when a firm uses ...

for international postgraduate students whilst delivering financial returns to investors.

Former investments

# RMB-SI Investments Proprietary Limited – South Africa – RMB-SI trades in the short term and long term insurance sectors. RMIH sold its entire 76% Shareholding in RMB-SI to

in March 2017. RMB-SI included the following investments: #* RMB Structured Insurance Limited – South Africa – 100% Shareholding #* RMB Structured Life Limited – South Africa – 100% Shareholding #* RMB-SI Investments Mauritius Limited –

– 100% Shareholding #* RMB Financial Services Limited –

– 100% Shareholding #* HCV Underwriting Managers Proprietary Limited – South Africa – 30% Shareholding #* Truffle Capital Proprietary Limited – South Africa – 23.4% Shareholding #* CIB Insurance Administrators Proprietary Limited – South Africa – 10.4% Shareholding #* Cyan Capital Proprietary Limited – South Africa – 10.44% Shareholding #

Discovery Limited Discovery Limited is a South Africa-based financial services group that is listed on the Johannesburg Stock Exchange (JSE) with its headquarters in Sandton. Overview Discovery Limited engages in long and short-term insurance, asset managem ...

– South Africa – 25.8% Shareholding – This is an integrated financial services organisation operating in the health insurance, life assurance, investment and health and wellness markets. Discovery operates in South Africa, the United Kingdom, China, Singapore and the United States through various brands. Discovery Limited's stock is listed on the JSE. #

MMI Holdings Limited Momentum Metropolitan Holdings Limited, formerly MMI Holdings Limited, is a South African based financial services group that is listed on the Johannesburg Stock Exchange. Overview Momentum Metropolitan Holdings Limited engages in long and s ...

– South Africa – 25.2% Shareholding – MMI Holdings was formed through the merger of Momentum and Metropolitan. It is a leading financial services group conducting business in South Africa and elsewhere in Africa providing life insurance, short-term insurance, healthcare administration, asset management, investment and employee benefit programmes. Its stock is listed on the JSE. # Hastings Group Holdings plc – UK – 29.9% Shareholding – A general insurance provider listed on the

LSE LSE may refer to: Computing * LSE (programming language), a computer programming language * LSE, Latent sector error, a media assessment measure related to the hard disk drive storage technology * Language-Sensitive Editor, a text editor used ...

Ownership

The shares of OUTsurance Group Limited (formerly RMI Holdings) are listed on the JSE. the shareholding of OUTsurance Group Limited was as follows: ''1→ Financial Securities Limited is a wholly owned subsidiary of

.''

Governance

RMI Holdings is governed by a sixteen-person board of directors with Gerrit Thomas Ferreira as the chairman of the board and Dalu Ajene as the CEO. RMI Holdings shares a board with RMB Holdings.

References

{{Witwatersrand companies Financial services companies of South Africa Insurance companies of South Africa Companies based in Sandton Conglomerate companies established in 2010 Financial services companies established in 2010 Holding companies established in 2010 Companies listed on the Johannesburg Stock Exchange British companies established in 2010 Manufacturing companies established in 2010 Renewable resource companies established in 2010 South African companies established in 2010