Outsurance’s Irish foray ultimately to cost a year’s profit
Country the new English-speaking door to EU, while its rules allow direct distribution, says insurer
Outsurance, the short-term insurer that took over the listing of its former parent, Rand Merchant Investment Holdings (RMI) in 2022, plans to expand into Ireland in a move that will ultimately cost the group the equivalent of a year’s profit.
CEO Marthinus Visser said that after scanning the world’s top 40 insurance markets, the group found the Irish motor and home insurance market to be the best strategic fit. That is due to its market size and historic profitability, English-speaking population and a familiar regulatory environment that makes it possible to use a direct distribution model similar to the one in SA...
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