Big changes at prominent South African insurer worth R9 billion

King Price has secured a strategic investment from Singapore-based Orient Victoria Capital (OVC).

This investment will take the form of a capital raise and the acquisition of shares from existing shareholders.

This was confirmed by King Price Financial Services CEO and founder Gideon Galloway in a social media post.

Galloway explained that, since its launch in 2012, King Price has grown into a fully fledged insurance group writing R7 billion in annual premiums.

He said the company has averaged 53% annual growth since 2014, with its commercial insurance business already generating R1 billion in annual premiums.

“For me, this investment is about backing our people, backing our strategy, and creating even more room to do insurance differently,” Galloway said. 

“Because that was our goal when we launched, and we’ll never deviate from it.”

The OVC transaction received the green light from South Africa’s Competition Tribunal in March 2026.

In a joint venture with KP Partners, an investment vehicle that holds and manages King Price Financial Services, OVC sought to acquire a stake in the insurance giant.

MyBroadband reported that, once implemented, the transaction will result in OVC and KP Partners exercising joint control over King Price.

OVC is the investment vehicle of Karooooo-founder Zak Calisto’s family office in Singapore.

Galloway said OVC will bring expertise in software platforms, mathematical modelling, and operational excellence that can help King Price “sharpen what we already do well”.

However, he also noted that all existing shareholders remain invested in King Price. “This says a lot about everyone’s belief in where we’re going next,” Galloway said.

OVC’s acquisition marks the start of a new era for King Price, which was founded by Galloway in 2012.

Galloway sought funding from Mergon founder Francois van Niekerk for his idea to start an insurer where premiums decrease over time.

It soon became one of South Africa’s fastest-growing insurers, valued at R5.2 billion in the 2020 financial year. The group’s website states that it is now a “R9 billion industry disruptor”.

“When we acquired the company, it had about 250,000 lives insured,” Mergon COO and King Price chairman Gauché Radley said in a 2018 interview. 

“In just over two years, we’ve seen a fourfold growth – growing from 250 000 to about 1 million lives insured. All in all, there has been incredible growth – and more plans for expansion are on the table.”