Youi appoints new CEO as founder set to retire

1 March 2023

Nathaniel Simpson will take over as CEO at insurer Youi from July, when Hugo Schreuder retires from the top role after a 15-year tenure.

Mr Schreuder – who Youi Chair David Foster says has been “a visionary and a true champion of the company” – will join the Youi board next year.

“I would like to extend our heartfelt gratitude to Hugo for his exceptional leadership and unwavering commitment to Youi,” Mr Foster said. “I look forward to working with him as a fellow director.”

Sunshine Coast-based Mr Simpson, a qualified actuary, has worked at Youi and its South Africa-based parent company Outsurance Group for 17 years, and is currently Chief Product Officer. He has previously acted as COO Retail, Chief Customer and Innovation Officer and Chief Digital Officer.

“I’m incredibly excited for this new chapter and am looking forward to continuing on Hugo’s success and guiding Youi as it continues to grow and evolve as one of Australia’s leading insurers,” Mr Simpson said.

“I’m committed to ensuring our customers remain at the core of what we do … (and) looking forward to continuing to work with our people to ensure Youi continues to grow from strength to strength.”

Youi employs almost 1800 staff and has annual turnover above $1 billion. Mr Schreuder, who also lives on the Sunshine Coast, was its founding CEO in 2008 after joining Outsurance in 2003. He was appointed to the board of the Insurance Council of Australia in December.

Mr Foster became Chairman at the start of this year, taking over from Campbell Corfe who had served in the role since 2011 and stays on as Non-Executive Director. Youi has worked to establish itself as the “leading” general insurance challenger brand, he says, expanding into products such as compulsory third-party insurance in NSW and SA.

Youi also added small business cover to its offerings via a five-year capacity deal with underwriting agency Blue Zebra in 2020.

Youi’s Australian business posted a 39% fall in operating profit to $57 million in the last financial year on higher catastrophe claims and a change in reinsurance arrangements.