South African billionaire Douw Steyn, renowned for founding the BGL Insurance Group and his close friendship with Nelson Mandela, passed away at the age of 72 on Tuesday after a prolonged battle with illness. Steyn was celebrated as a visionary entrepreneur in South Africa, particularly known for his transformative impact on the insurance sector globally.
Steyn’s death was announced by Steyn City Properties, which manages the luxurious Steyn City, a golf estate in northern Johannesburg he developed. This estate was conceived with the vision of being a self-sustaining community, highlighting Steyn’s innovative approach to real estate and community living.
“It is with profound sadness that we announce the passing of the visionary behind Steyn City,” stated the company, acknowledging Steyn’s significant contributions to building a business empire spanning seven countries.
Steyn’s connection with Nelson Mandela began shortly after Mandela’s release from Robben Island, where he had been imprisoned for 27 years for his fight against apartheid. Mandela spent several months at Steyn’s home in Saxonwold, Johannesburg, where he worked on his memoir, “Long Walk to Freedom”. The Nelson Mandela Foundation lauded Steyn as a “larger than life character” and a true friend to Mandela, who provided both personal support and spaces for retreat during critical times in Mandela’s life, including his separation from Winnie Madikizela-Mandela.
Steyn’s entrepreneurial journey began in 1975 with the founding of Steyn’s Insurance Brokers, which eventually led to the creation of Auto & General, one of South Africa’s major insurance entities. His expansion into the UK with BGL Insurance in the 1990s introduced the widely recognized price comparison site, Compare The Market. Auto & General later became part of the Telesure Investment Holdings group, which now operates across several countries including Australia, Turkey, and the UK.
Beyond business, Steyn was a notable philanthropist. His family trust was instrumental in providing significant aid during South Africa’s Covid-19 crisis, focusing on supporting small businesses and ensuring food security. The Steyn Foundation, linked with Steyn City Properties, continues to make substantial contributions to underprivileged townships.
He is survived by his wife and three children, leaving behind a legacy of entrepreneurial success, profound philanthropy, and a deep personal connection with one of South Africa’s most iconic figures.
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