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Outsurance sells New Zealand insurance business

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Rand Merchant Investment Holdings says the sale of Youi Holdings will release capital of up to NZ$13m

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Outsurance has not had an easy ride in New Zealand where it has previously run into trouble with regulators and, in 2016, was fined NZ$100,000 for poor sales conduct. Outsurance will sell Youi Holdings to Tower Insurance, New Zealand’s third-largest general insurer. The deal involves some 34,000 active insurance policies and is expected to be finalised before the end of 2019, although it is still subject to regulatory approval.

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