South African billionaire and businessman Douw Steyn, founder of the BGL Insurance Group and close friend of the late South African statesman Nelson Mandela, has passed away at the age of 72.
Steyn, renowned for his global achievements in the insurance sector, died on Tuesday after a prolonged illness.
He was esteemed in South Africa as a visionary figure with a larger-than-life persona.
Steyn first befriended Mandela shortly after the former president's release from his long imprisonment on Robben Island.
Confirmation of Steyn's passing came from Steyn City Properties, the company responsible for the luxury estate he developed around 2010.
The company acknowledged Steyn as an exceptional entrepreneur who built a vast global business spanning seven countries.
The Nelson Mandela Foundation expressed grief over the loss of someone Madiba [Mandela] regarded as a friend.
Steyn was a vital support to Mandela during challenging times, allowing him to reside in his home in 1992 as Mandela navigated a painful separation from Winnie Madikizela-Mandela.
Mandela, South Africa's first democratically elected president, frequently sought solace and assistance from Steyn for his various endeavors, the foundation reported.
Mandela served 27 years in prison for his anti-apartheid efforts, with 18 of those years spent on Robben Island off Cape Town.
Steyn embarked on his entrepreneurial path in 1975 by establishing Steyn's Insurance Brokers, as stated by South African daily business website BusinessLIVE.
This venture laid the foundation for the creation of Auto & General, one of the nation's leading groups, and subsequently BGL Insurance in the UK during the 1990s.
In addition, Steyn founded the Steyn Foundation, dedicated to assisting impoverished townships.
He is survived by his wife and three children.