OUTsurance Holdings

John Morden.

You're welcome to Galway Talks with Outsurance.

Coming up on the programme today, calls for national child sexual abuse prevention strategy as demand for survivor support soars.

Storm Bolio forces cancellation of Saturday's Galway races as more severe weather approaches.

Thanks for joining us on Galway Talks.

You're listening to Galway BFM and this is

Galway Talks with John Morley with Outsurance.

It's time now for our Galway Thoughts panel discussion.

And you have the 3 to 7 drive of Kate O'Malley and the latest in local, national and international news on FYI Galway from half past five.

From all of us here on Galway Talks, with thanks to Outsurance, have a very good Thursday afternoon.

Bye bye.

Galway Talks on Galway Bay FM with OutSurance.

All that and a lot more coming up between now and 12 on Galway Talks, including your chance to win a €1,000 voucher with thanks to Dreams Galway.

You're listening to Galway BFM and this is Galway Talks with John Morley with Outsurance.

But what does this mean for Ireland, and particularly Galway, where coastal flooding is already a concern? And is there still time to prevent the worst impacts of climate change? Well, Professor Peter Thorne, the chair of the Adaptation Committee of Climate Change Advisory Council, joins us on the programme this morning.

Professor Thorne, good morning and thanks for joining us on Galway Talks.

Thank you.

Thank you so much.

You're listening to Galway Bay FM and this is Galway Talks with John Morley with Outsurance.

Now, how much abuse should someone have to put up with simply for holding public office? Well, the Association of Irish Local Government has strongly condemned racist abuse and calls for deportation directed at Galway City Mayor Helen Ogbu.

Coming back after news at 10, we ask the question, is Galway ready for winter storms? Is concerns raised over backup power for water supplies? Independent Ireland Councillor Declan Garrett will be joining us.

You're listening to Galway Bay FM and this is Galway Talks with John Morley with Outsurance.

Now, when a winter storm knocks out your electricity, could you end up losing your water supply as well? Well, that's the concern being raised by Galway County Councillor Declan Geraghty, who's questioning whether Ishgha Eireann and the ESB are adequately prepared for severe weather this winter.

He's calling for clarity on whether backup generators are in place at water pump stations.

All that and a lot more coming up between now and 12 on Galway Talks.

You're listening to Galway Bay FM and this is Galway Talks with John Morley with thanks to Outsurance.

Now road safety measures designed to protect motorists in North Galway have been vandalised at three separate junctions over the past four days.

Bollards have been pulled from the ground, flower beds destroyed and a stop sign twisted in the wrong direction at Kiltevena Cross, Gortnalim Cross and Bellwell Junction.

You have the 3 to 7 drive at Cato Mallee.

And the latest in local, national and international news on FYI Galway from half past 5.

From all of us here on Galway Talks, thanks to Outsurance.

Thank you for joining us and have a very good Monday afternoon.

And I think on the JSE, we are fortunate enough to have a handful of extremely high quality companies.

One company, for example, is a company like Outsurance, the short-term insurer that operates, uh, locally in South Africa, as well as in Australia.

And what really drove their success was obviously offering a different business model.

They were kind of the first insurer in South Africa to pioneer that direct model, so selling directly to their clients instead of the traditional model where insurance was sold through brokers and the underlying insurer didn't have that, uh, direct relationship with their customer because, uh, customers were going through a broker.

So by kind of pioneering and offering that direct model, Outsurance was able to carve out quite a strong competitive advantage in the local market because that direct model gave them a much lower cost to operate, so they could then, uh, price their risks better.

And ultimately, for an insurance company, uh, that is what determines your success, is your ability to price risk competitively and, uh, price risk accurately.

Uh, and that ultimately is what determines, uh, being able to generate sustainable underwriting margins.

Uh, the exchange ratio is pretty interesting, and it's a very detailed calculation.

But overall, I think what's much more interesting at Outsurance is to think about what's happening in Ireland, what's happening in Australia in terms of their natural perils exposure and the growth they're experiencing there, how it's been going in South Africa, where they've actually been doing quite a good job from an operating leverage perspective of taking their premium growth and getting a much stronger operating profit growth out of it.

And of course, the life business has also been impacted by market yields and all the rest.

So it's quite a complicated animal, nowhere near as complicated as the likes of Sanlam, certainly.

I think Outsurance has, uh, stuck to their knitting there, and it's probably more comparable in many ways to Santam.

But those two businesses do have a very different way of expanding overseas.

Santam has been, uh, working with Lloyds in London to put together a syndicate, whereas Outsurance is building from scratch, as I say, in an area like Ireland.

So different ways of approaching much the same industry, two different transactions in the same week.

[upbeat music] You're listening to the Moneyweb SAFM Market Update Podcast.

Outsurance Group Limited today announced that the business would be looking to complete its simplification efforts that began way back in 2022, and one of the final steps towards, uh, this completion is, uh, the buying out of the 7.1% minority shareholders that were left in Outsurance Holdings Limited, one of the subsidiary businesses.

We're gonna take a closer look at this with the Outsurance Group Limited Chief Executive Officer, Marthinus Visser.

He joins me on the line now to see what we make of this.

Martinus, lovely having you on the show as always.

Thanks so much for taking the time.

This is, I suppose, for many, long overdue, but for the Outsurance Group, something that has been in the works for over four years as part of, uh, a simplification strategy.

Tell us about that strategy and where we stand on... with it today.