Short-term insurer OUTsurance, which recently completed its transition and rebrand from Rand Merchant Investment Holdings (RMI), listed on the Johannesburg Stock Exchange on Wednesday.
OUTsurance now trades under the OUT share code on the JSE, replacing RMI whose listing has subsequently been terminated.
Before it rebranded, RMI, which owned majority of OUTsurance, was positioned in the market as an active investor in financial services businesses and had shareholdings in insurance companies Discovery and Momentum Metropolitan, later unbundling them as part of the transition.
RMI also jointly held a 30% stake in a UK-based short-term insurer Hastings Group, together with OUTsurance.
It previously said that OUTsurance, which is spread across a number of geographies, such as Namibia and Australia, was a growing short-term insurance entity that could independently internationally and attract attractive opportunities over time.
The company said the listing would give OUTsurance shareholders access to “an efficient and well capitalised corporate structure” including a higher dividend payout ratio, a simplified operational structure, and less expensive ways to complete an initial public offering, among other benefits.
Marthinus Visser, CEO of OUTsurance said the company will leverage its track record to continue building and returning value to its clients, shareholders and other stakeholders
“We are delighted to announce our listing on the JSE which represents a new and exciting chapter in OUTsurance’s history,” Visser said.
“I am incredibly proud of our team to have reached this milestone and would like to thank RMI/RMB for a brilliant 25-year partnership. We have an experienced team with a clear strategy, and we are leveraging our established track record and significant footprint to continue building and returning value to our clients, shareholders, staff, service providers and communities” said Visser.-moneyweb