A new specialist business insurer, Etana, has been launched in association with Hollard Insurance. FAnews spoke to Nash Omar, MD of Etana Insurance, to uncover their vision and unique offering.
Etana, says Omar, is the country's first specialist business insurer. "Our dedicated focus on the business sector makes us unique in the market, but what really sets us apart from other insurers is our impressive expertise and our unusual passion!"
Passion meets experience
Etana is the Swahili word for 'eternal strength' and there's a message in the name. This new company ia a combination of powerful and well established businesses and extraordinary people with proven managerial experience.
Deep roots, new direction
Etana is a vibrant mix of three succesful insurance entities: Hollard Commercial and General (HCG); Zimisele Underwriting Managers; and Fidelity Guaranteed Acceptances (FGA)."The coming together of these three insurer entities creates powerful business synergies," says Omar. "Etana opens its doors an already successful, relevant, attractive and award-winning business. We are already serving companies of all sizes from the multi-billion conglomerate to the family shop on the corner.
"Our financial muscle can be measured through our initial gross written premium of R650 million in short-term and R70 million in life business. Our start-up shareholder's funds total R125 million. Etana comes with its own strong financial pedigree and a GCR rating of A+ Plus. So, Etana is a new name with deep roots and an award-winning track record."
The offering
Etana underwrites and distributes a range of insurance products and risk management services to businesses of all shapes and sizes and has a significant book in the construction and engineering market. "One of our competitive advantages is our newly formed Etana Specialist Risk division which incorporates Etana Specialist Liabilities and Etana Commercial Crime (formerly FGA)."
Life products, branded as Etana Life, which are underwritten by Hollard, are also offered. Credit life, and similar products, are organised for groups, while personal lines can be accommodated in certain instances for broker business clients who want all their insurance - business and personal - to be placed with one carrier.
People power
Etana's founding bisinesses – HCG, Zimisele and FGA – brought their people on board so the standard of service that brokers and customers have grown to expect from those entities will be uninterrupted. Omar, who has been in the insurance business since the early 1980s, and was previously the General Manager of the award-winning HCG, will head up the company. Paulo Cavalieri, former CEO of Hollard, is the chairman and Rob Hallier, Hollard's former CFO, serves as vice chairman.
Relationship with brokers
Etana's products will only be distributed through brokers. Omar explains, "Our relationships with our brokers are of primary importance because they are our channel to our policyholders. If they win, we win and our policyholders benefit. Relationships and people are important to us. Long-term and successful business relationships are all about trust and win-win scenarios."
The future
"There is a need to deliver specialist insurance to business which is knowledgeable, effective and tailored to their needs," says Omar. "We will offer this market with an alternative choice – a new truly South African contemporary insurer, with an open minded, focused and fresh approach – and expertise to match."
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