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, South Africa's second-largest non-life insurer, 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, named '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 calling this partnership ‘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 malpracticel 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."
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