CTU is one of South Africa’s leading taxi and bus insurance underwriting managers and is a critical enabler in obtaining finance for taxi operators and insuring their income-earning assets.
The company – run by a former Hollard Group executive, Stef Theofanidis – specifically caters to the growing insurance needs of the taxi industry in South Africa. Over the past 31 years, CTU has grown to become a leading niche taxi insurance specialist in the market.
Theofanidis says, “I am happy to be back to where it all started. I worked at Hollard for 21 years and the purple spirit has stayed with me. Today, we are proud to recognise Hollard as our risk carrier and our reinsurer, Hannover Re, among other significant shareholders, more specifically Sinayo Shareholder Management Services, a 100% black female-owned investment firm. These are among the strongest and most well-established insurance industry players and, together with them and our empowerment partner, CTU provides a very sound and secure home for the industry to place its insurance with.”
He adds, “As CTU, we have built a solid foundation with our various stakeholders in the past 31 years. We thrive on the excellent relations we have with our stakeholders and will continuously strengthen our relationships to build better communities. CTU has built a brand that is trusted and respected; one that has positively changed the industry. The story of growth and customer excellence is set to continue, and we will continue to play a significant role in the commuter industry to enable it to reach its full potential.”
On moving into new offices on the Hollard campus, Bipin Bhagwan, Chief Customer Officer at CTU, says it will allow the team to be in close proximity to the Hollard team that whom it works closely with.
“There is an opportunity to synergise with a range of teams, from marketing to customer service, and have a meeting of the minds on several aspects of the business,” he says.
Theofanidis says, “Additionally, we’re a small business of 92 people and I believe that exposing our team to a much bigger insurance group will present great opportunities for them to learn and grow in their fields.”
Hollard Insurance, Willie Lategan says, “We are thrilled to welcome the CTU team to our premises. We look forward to unlocking greater collaboration and forging mutually beneficial connections with the team.
“We have witnessed the growth of CTU over the years. No one knows the South African taxi insurance market the way they do. May they continue meeting the unique needs of the taxi industry and protecting the interests of taxi owners across South Africa,” he concludes.