South African billionaire and acclaimed businessman Douw Steyn passed away on Tuesday at the age of 72, following a prolonged illness. Renowned for his entrepreneurial acumen, Steyn leaves behind a legacy that transcends business; his impact reached into the heart of South Africa's socio-political landscape.
Douw Steyn, a pivotal figure in the insurance industry, founded the BGL Insurance Group and built an expansive business empire spanning seven countries. His journey began in 1975 with the establishment of Steyn's Insurance Brokers, which laid the foundation for Auto & General, a leading insurance group in South Africa. In the 1990s, he expanded his ventures by founding BGL Insurance in the United Kingdom.
Steyn was more than just a business magnate; he was also a close friend of the late Nelson Mandela. Their friendship began shortly after Mandela's release from Robben Island, where he had been imprisoned for decades. During a tumultuous period in Mandela's life, as he separated from Winnie Madikizela-Mandela, Steyn offered his home as a refuge in 1992. The Nelson Mandela Foundation expressed its condolences, highlighting that Steyn was "someone Madiba regarded as a friend."
"someone Madiba regarded as a friend" – The Nelson Mandela Foundation
Beyond his business achievements, Steyn demonstrated a profound commitment to social causes. He established the Steyn Foundation to support impoverished townships, reflecting his dedication to uplifting marginalized communities. His contribution to urban development is evident in the creation of Steyn City, a luxury estate developed around 2010.
Steyn's influence extended beyond his immediate business circles. His visionary approach and "larger than life character" earned him widespread recognition and respect within South Africa and beyond. His entrepreneurial spirit and philanthropic efforts leave an indelible mark on both the economic and social fabric of the nation.