New Partnership

Welcome to the new era, in partnership
with iTOO and powered by Hollard

BIGGER. STRONGER. TOGETHER.

A new chapter begins...

Alex Brownlee
EthiQal CEO

“We are thrilled to share news that marks a significant milestone in our journey to provide exceptional specialist medical malpractice insurance.

 

EthiQal has entered into a strategic partnership with iTOO Special Risks, experts in specialty insurance. This is backed by Hollard, one of South Africa’s largest non-life insurers.

 

This collaboration is set to reinforce valuable opportunities to achieve our shared vision of strengthening the protection of your practice and the medical profession, so that you can focus on providing expert patient care.”

Same team, same products, just bigger and stronger together.

Structure

Why the strategic partnership?

Media Statement

July 2024

iTOO enters Strategic Partnership with Medical Professional Indemnity specialist EthiQal

iTOO Special Risks, a specialty risk underwriter and EthiQal, a medical professional indemnity provider for specialist doctors, have announced an exciting strategic partnership. This collaboration, backed by Hollard, one of South Africa’s largest non-life insurers, aims to bolster EthiQal’s mission to protect healthcare professionals with robust, reliable coverage and medico-legal support. Together, the partnership reinforces the comprehensive suite of medical malpractice insurance cover available across the spectrum; iTOO’s focus on allied professionals, General Practitioners, institutions and clinical trials continues and EthiQal remains focussed on specialist practitioners.

Together this partnership unlocks valuable opportunities to achieve the shared vision of strengthening the protection of the medical profession, without which the delivery of high quality healthcare is not achievable.

EthiQal Reinforced

EthiQal’s dedication to safeguarding specialist practitioners aligns perfectly with iTOO’s extensive network and expertise in specialty insurance. This partnership,  ‘EthiQal Reinforced,’ aims to leverage the strengths of both entities to enhance their offerings and deliver world-class products and services to their clients.

“We are saying  this partnership is ‘EthiQal Reinforced’ because while EthiQal is already a strong entity, together with iTOO, it becomes even bigger and stronger,” says Justin Naylor, CEO at iTOO. “iTOO’s extensive network and resources bring additional and complementary skills and capabilities to support EthiQal and its customers.”

Naylor further elaborates, “We have a 20-year track record and well-established risk underwriting capability with a market-leading diverse product range, backed by a complete cradle-to-grave infrastructure. This partnership combines the expertise and track records of both iTOO and EthiQal, reinforcing their excellent offerings.”

EthiQal’s Vision and Strengths

Alex Brownlee, CEO of EthiQal, highlights the alignment of principles and vision that initially brought the two parties together. “iTOO brings a legacy of deep insurance expertise, an extensive network, and additional skills that complement our own. This partnership provides enhanced financial backing, stability, and reliability,” says Brownlee.

Brownlee emphasizes the focused and niche market that EthiQal serves, which requires leading risk management support. “Medical malpractice, particularly in fields like obstetrics, spinal surgery, neonates and neurosurgery, involves high risks and long-duration claims. This has driven us to develop deep expertise and understanding of the medico-legal landscape,” he notes.

EthiQal’s team includes a dedicated clinical team, an in-house legal team available for urgent advice and legal support, and personalised quality service. Brownlee assures that the partnership will not change the way EthiQal does business, nor change its products or services, but will reinforce and support the dedicated and steadfast EthiQal team in their commitment to support doctors.

Financial Resilience and Support

EthiQal has strong financial capacity, with a Solvency Capital Requirement above 120%, well beyond the regulatory 1-in-200 year event solvency requirement. The firm enjoys continued financial backing from Dr. Christo Wiese’s Titan Group and reinsurance cover from Lloyd’s of London. Along with iTOO and Hollard, this combination offers improved financial support, stability, and reliability “for our clients’ benefit”, Brownlee stresses.

“EthiQal offers incredible value for medical specialists, and Titan will continue to invest significant resources to build EthiQal’s capacity to measure, mitigate and absorb medical malpractice risk. Alex Brownlee and the team’s drive and capability is what attracted us to the business and what will ensure EthiQal continues to offer value to its policyholders and broker partners”, says Titan’s investment executive Zac Pitsillis.

Engagement and Education

Brownlee also confirmed that EthiQal will remain actively involved in the medical community through conferences, presentations, and educational grants. “Over the last 2 years in particular we have been extremely active in sharing our knowledge and insights, aiming to support doctors and their medical societies.”

Commitment to Quality and Service

“This partnership with iTOO, backed by Hollard, reinforces the quality and value of EthiQal’s products and people, demonstrating confidence in EthiQal’s future and the team that makes it happen,” Brownlee concludes. “The alignment in our values, vision and approach to clients is a critical reason why this partnership is ideal.”

EthiQal iTOO Partnership Q&A

Q: Who is iTOO?

A: iTOO Special Risks is an active investor in insurance underwriting businesses with a 20 year track record.  They are well established risk underwriters, with market leading diverse product range and are backed by a complete cradle to grave infrastructure. They are renowned for their expertise in specialty underwriting and innovative approach in the insurance industry.

Q: Why did EthiQal partner with iTOO?

A: Backed by a strong financial and business performance, this partnership is a strategic move to reinforce their market position and deliver even better value to their clients. iTOO brings to the table a legacy of deep insurance expertise, and this partnership is backed by Hollard Specialist Insurance as the insurance licence. This brings enhanced financial backing and financial stability.

Q: Was there something wrong with the previous insurer?

A: There was and is nothing wrong. Yard has been a good partner for EthiQal and EthiQal is grateful for their support. The decision to partner with iTOO and Hollard is purely strategic, in line with EthiQal’s mission to continuously strengthen the business and seek ways to enhance its service offering to health care providers.

Q: What is the need to change from Yard to Hollard?

A: Rather than there being a need for change, the change creates valuable opportunities for growing EthiQal’s client base and strengthening the ability to add to the protection of the profession and high-quality healthcare in a meaningful way.

Q: Is Titan still your investor? How has Titan's investment changed now that iTOO is part owner of EthiQal?

A: Yes, Titan remains an investor with iTOO as full business partner.   iTOO’s years of insurance expertise and Titan’s astute business acumen and substantial financial backing form the basis of a formidable partnership into the future.

Q: Is EthiQal joining the iTOO team? Are you now operating as one company?

A: EthiQal is not merging with iTOO. Both companies will continue to operate independently, maintaining their unique identities while collaborating closely to deliver enhanced services.

Q: Does my broker or advisor remain the same?

A: Yes, your broker or advisor remains the same. There will be no changes to your current point of contact.

Q: Will this affect the premium on my policy?

A: The team, the product and the principles remain unchanged. Thus, no changes to your policy premiums are anticipated as a result of this partnership. Any future adjustments will be communicated in advance as per normal and will follow the annual risk assessment process.

Q: Is this a good thing for me as a doctor? How does it affect me?

A: This partnership means you will have access to an enhanced range of services and support backed by EthiQal, iTOO, and Hollard. Your existing policies and benefits remain intact, the team running EthiQal remain unchanged and you can expect the same level of steadfast support into the future. iTOO partnering with EthiQal reaffirms the quality and value of EthiQal’s product and people.

Q: Will there be any changes to my coverage or policy terms?

A: No changes to your coverage or policy terms are expected as a result of this partnership. Any future changes will be communicated clearly and in advance as per normal and will follow the annual risk assessment process.

Q: How will claims be handled moving forward?

A: Claims will continue to be handled with the same level of professionalism and efficiency.

Q: How will claims be handled that were reported to Yard as insurer?

A: Claims will continue to be managed by the EthiQal team. Yard Insurance is still liable for claims made during the period of cover and thus Yard still has an obligation to policyholders, until such time that they are transferred to the new insurer. All claims will still be honoured as per policy terms.

Q: Will there be new products or services offered to me as a result of this partnership?

A: Yes, the collaboration may lead to the development of new products and services tailored to the needs of medical professionals, leveraging iTOO’s innovative approach and EthiQal’s deep industry expertise.

Q: Who do I contact if I have questions about my policy?

A: You should continue to contact your existing broker or advisor for any questions related to your policy. They will have the most up-to-date information and can assist you with any concerns.

Q: How will this partnership be communicated to clients and stakeholders?

A: Clients and stakeholders will be informed through official communications, including launches, newsletter, email and updates on the EthiQal and iTOO websites.

Q: Are there any changes to the company leadership or management teams?

A: There are no changes to the leadership or management teams of either company. iTOO will join EthiQal’s Board and bring their wealth of insurance expertise.

Q: How does this partnership align with the strategic goals of EthiQal and iTOO?

A: The partnership aligns with the strategic goals of both companies by combining their expertise and resources to deliver superior products and services, enhance market presence, and ensure long-term sustainability. Together this unlocks valuable opportunities to achieve our shared vision of strengthening the protection of the medical profession, without which the delivery of high quality healthcare is not achievable.

Q: What risks will go through to iTOO and which to EthiQal, seeing that operations remain independent? Does this affect turnaround times?

A: EthiQal will continue focusing on medical specialists and specialised GPs, whereas iTOO will continue to cover allied professionals, general practitioners and medical institutions. The process to contact with EthiQal and iTOO remain unchanged. Respective turnaround times remain unchanged, recognising the need to deliver client-centric turnaround times, balanced by the time required to assess the insurance risks appropriately or to deliver a quality service.

Q: What happens now with the liquidation shortfall guarantee or the claims fund that Titan made available for ex Constantia clients?

A: The support to ex-Constantia clients was added into the policy wording as an extension benefit and defined in the policy wording. This benefit remains unchanged and in place following the partnership.

EthiQal, trading under Titan Risk Services (Pty) Ltd, an authorised financial service provider FSP51361

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