Youi Insurance Australia and New Zealand CEO Danie Matthee will step down in July to become CEO of Outsurance in South Africa.

Youi and Outsurance are part of Outsurance Holdings Group, owned by Rand Merchant Insurance.

Deputy CEO Frank Costigan will succeed Mr Matthee and manage Youi’s operations in Australia and New Zealand, a Youi spokesman told insuranceNEWS.com.au.

“[Mr Matthee and Mr Costigan] have been part of a comprehensive handover process and the CEO changes will be effective from July 1,” the spokesman said.

Mr Matthee was Youi COO for two years before his promotion to CEO in January 2013.

Mr Costigan joined Youi as Deputy CEO in June last year. He was formerly CFO and COO Australia and New Zealand at Berkshire Hathaway Specialty Insurance.