ITOO Special Risks (ISR) at last saw the light of day on 1 March 2017 after all the statutory requirements were squared away. It is born out of Hollard’s liabilities and special risks division and will underwrite on the Hollard insurance license. (ITOO is pronounced "eye-two".)
ISR underwrites a comprehensive range of liability and crime products, which provides our brokers and clients with a one-stop shop for their insurance needs.
The unit is headed up by Hollard Broker Markets’ Warwick Goldie, head of specialist liabilities, and is a joint venture between Hollard and insurance investment company ITOO.
It is Hollard’s sole offering in the specialist liability lines of business, which are:
- Standalone broad-form liability
- Cyber insurance
- Drone insurance
- Environmental liability
- Professional indemnity
- Trustees liability
- Financial institutions’ crime and professional liability
- Commercial crime
- Employment practices liability
- Directors and officers liability
- Events liability
- Medical malpractice
- Vet protect
ISR, with its sole focus on these categories, will enable Hollard Broker Markets to offer immediate solutions to brokers, said Goldie. “It will also allow us to be flexible in our approach and ensure that we build and develop long-lasting relationships with our broker market.”
“The ITOO team is in high spirits and motivated to make sure that we are the leading UMA [underwriting management agency] in the liability space in South Africa,” he said.
Hollard Broker Markets’s partner UMAs are specialists in their markets, know them inside out, and contribute substantially to our business. Working together with our partners means that both we and they have a competitive edge in the marketplace, and we can reach the widest possible audience.
They offer specialist knowledge of their niche markets and products, giving brokers a competitive edge in serving clients in these segments.
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