IMPORTANT ANNOUNCEMENT – ORACLEMED HEALTH – CHANGE OF UNDERWRITER
As soon as we were informed that Constantia Insurance Company Limited had been placed under curatorship by the High Court of South Africa, and despite assurances from the curator that this was not a liquidation, we immediately took steps to protect our policyholders, partners, employees and other stakeholders. Then and there, we set in motion plans to change the underwriter of the policies we manage from Constantia to another carrier.
However, after careful consideration and following negotiations with several alternative insurers, the Board of the Oraclemed Health Group has voted unanimously to move all the policies under our care with effect from 1 September 2022 from Constantia to Compass Insure, a fully owned subsidiary of Hannover Reinsurance Group Africa Ltd (“the new carriers”). Subject to Regulatory Direction.
The new carriers were selected by us after a rigorous selection process. Hannover Reinsurance Group Africa Ltd has evolved into one of Africa’s biggest reinsurers since its foundation in 1952. Today the highly diversified reinsurance group combines the reliability and expertise of European experts with traditional African values.
- Compass Insure has a Global Credit Rating of “AA” with Hannover Re of “AAA” (the highest independent rating of financial stability).
- our premiums and policy terms remain unchanged.
- all existing policies and claims will be honoured in full.
- each have extensive experience in insurance in Africa.
We have taken this decision out of an abundance of caution and not because Constantia has breached any agreement.
In short, although we have moved our policies to Compass Insure / Hannover Re it is business as usual as the change of our underwriter has been implemented in such a way that it will be seamless and cause not an iota of prejudice to our policyholders and partners, who are, and will always be, our overriding concern.
More particularity will follow shortly.
David van der Knaap
Oraclemed Health Investments (Pty) Ltd