EthiQal Client Business Update

Dear Valued Client,

We are pleased to introduce you to Constantia’s new Chief Executive Officer, Peter Todd, who recently took up the reins from Volker von Widdern.   Peter has held various executive positions within the industry both locally and abroad. Other than being a former CEO of Mutual & Federal, he was the Chairman of Standard Insurance Limited.  He has also held positions on various industry boards, including the South African Insurance Association and the Insurance Institute of South Africa, where he served as President.  Having furthermore served as a non-executive director of Constantia over the past two years, he is familiar with our business at EthiQal.

We are pleased to introduce you to Constantia’s new Chief Executive Officer, Peter Todd, who recently took up the reins from Volker von Widdern.   Peter has held various executive positions within the industry both locally and abroad. Other than being a former CEO of Mutual & Federal, he was the Chairman of Standard Insurance Limited.  He has also held positions on various industry boards, including the South African Insurance Association and the Insurance Institute of South Africa, where he served as President.  Having furthermore served as a non-executive director of Constantia over the past two years, he is familiar with our business at EthiQal.

As you can imagine, it has been a whirlwind since Peter took on his new role, driving many exciting developments at Constantia’s business front, yet also having to closely follow the developments in terms of the COVID-19 pandemic and ensuring that Constantia’s priority to support clients and staff in every possible way is being met. 

At a business level, Peter is actively working on the next steps to secure our long-term stability and growth. Over the last five years we have grown our premiums substantially to in excess of R2 billion today, have expanded our partners’ businesses and entered into business relationships with select new partners. Growth usually comes at an initial cost. In our case, our substantial long-term equity portfolio has not been spared the global decline in equity prices. This has had a negative impact on our performance but has nothing to do the with the underlying performance of the business.

To solve the negative impact the temporary decline in equity values has had on our capital position, two transactions that will strengthen our balance sheet by more than R1billion in new capital have already been announced.  Once we have obtained the necessary approvals, Constantia will become part of a diversified financial services group with approximately R9.5 billion in assets, providing peace-of-mind to our valued policyholders who have entrusted us with their insurance needs.  We look forward to communicating further positive developments in this regard soon.

We would furthermore like to take this opportunity to thank you and all other healthcare practitioners in South Africa for the selfless work that you perform, prioritising patient well-being with the knowledge that close contact poses an occupational risk. If you have any questions or require more information following this communication, please email info@ethiqal.co.za.

May you stay safe as you care for the sick.

Kind regards
The EthiQal Management Team

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