HIC Underwriting Managers
HIC Underwriting Managers is a South African underwriting management agency distributing commercial, industrial, and hospitality short-term insurance through a broker network across eight branches, underwritten by Guardrisk and reinsured by Hannover Re.
- Company typePrivate
- Founded1998
- HeadquartersBedfordview, South Africa
- Headcount11–50
- GTM typeB2B
- OfferingServices
What HIC Underwriting Managers does
HIC Underwriting Managers (Pty) Ltd is a South African underwriting management agency (UMA) operating as a niche intermediary between brokers and a single primary carrier (Guardrisk Insurance Company). Founded in July 1998 as HIU Consultants, a joint venture between Allianz and Lireas Holdings (the strategic investment arm of Hannover Re Africa), the company rebranded to HIC in 2010 to reflect an expanded product portfolio spanning commercial, industrial, and hospitality short-term insurance. The current majority shareholder is Lireas Holdings (Hannover Re Africa), with Mahogany Private Equity as minority shareholder providing BEE credentials and strategic direction.
The company offers eight distinct product lines — Commercial & Industrial, Motor Fleet, Hospitality, Bed & Breakfast, Restaurants, Accommod8 (Sectional Title), Golf & Greens, and Schools — distributed exclusively through a network of insurance brokers across eight South African branches (Johannesburg, Cape Town, Durban, Pretoria, Polokwane, Nelspruit, Bloemfontein, Gqeberha). The core technology stack is an IMS Pursuit-based underwriting management platform with a Broker Portal for policy administration, claims submission, and commission tracking. The HIC Training Academy (launched 2020) delivers CPD-accredited broker education, and Value-Added Products are integrated via Global Choices partnerships.
HIC's revenue model is commission-based underwriting management: the company earns its share of premium on policies underwritten by Guardrisk and reinsured by Hannover Re, with pricing set on a quote-by-quote risk-assessed basis rather than standardised rates. The customer base comprises South African commercial, industrial, and hospitality SMEs reached through brokers, with end-clients diversified across hotels, lodges, B&Bs, restaurants, schools, golf estates, motor fleets, and manufacturing/retail operations. Strategic ownership by Hannover Re Africa and underwriting on Guardrisk's balance sheet provide AA-rated institutional capital backing and reinsurance security, which HIC markets as a core differentiator alongside its consecutive PMR.africa Diamond Arrow Awards (2016-2025) in Hospitality, Bed & Breakfast, and Academic Institutions categories.
HIC Underwriting Managers firmographics
Firmographics- Name
- HIC Underwriting Managers
- Legal name
- HIC Underwriting Managers (Pty) Ltd
- Website
- https://hicsa.co.za
- Company type
- Private
- Founded year
- 1998
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- HIC Underwriting Managers is a South African underwriting management agency distributing commercial, industrial, and hospitality short-term insurance through a broker network across eight branches, underwritten by Guardrisk and reinsured by Hannover Re.
- Ownership category
- akta.pro rank
HIC Underwriting Managers industry classification
Industry- Product category
- Commercial & Industrial Insurance Underwriting
- NAICS
- Insurance Agencies and Brokerages (52421), Agencies, Brokerages, and Other Insurance Related Activities (5242)
- SIC
- Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Wholesale Insurance Brokerage (Excess & Surplus Lines) (FSAEADAD)
- akta.pro secondary industry
- Mid-Market Commercial Package (Package Policies) (FSAJAFAB)
Keywords
Where HIC Underwriting Managers is headquartered
LocationHeadquarters
- HQ city
- Bedfordview
- HQ country
- South Africa
- HQ region
- Africa
Offices7 records
Markets served
HIC Underwriting Managers business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Insurance Underwriting Premiums: HIC Underwriting Managers acts as an underwriting management agency (UMA) for short-term insurance products. The company earns revenue through underwriting insurance policies for commercial, industrial, and hospitality sectors, with Guardrisk Insurance Company as the primary carrier. Products include Commercial & Industrial, Motor Fleet, Hospitality, Bed & Breakfast, Restaurants, Accommod8 (Sectional Title), Golf & Greens, and Schools insurance.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels7 records
HIC Underwriting Managers product offering
Product offeringCore offering
HIC Underwriting Managers operates as an underwriting management agency (UMA) that designs, prices, and underwrites a portfolio of short-term commercial, industrial, and hospitality insurance products on behalf of Guardrisk Insurance Company Limited, with Hannover Re as lead reinsurer. The company distributes these products exclusively through a network of licensed insurance brokers across South Africa, supported by a dedicated Broker Portal and eight regional branches. Its eight core product lines are Commercial and Industrial, Motor Fleet, Hospitality, Bed & Breakfast, Restaurants, Accommod8 (Sectional Title), Golf and Greens, and Schools.
Product overview
HIC Underwriting Managers operates as an underwriting management agency offering a portfolio of eight distinct short-term insurance products underwritten by Guardrisk Insurance Company Limited. The product suite comprises two main categories: (1) Commercial & Industrial products covering Manufacturing, Retail, Motor Fleets, and conventional insurance packages; and (2) Niche Hospitality products catering for Hotels, Lodges, Conference Centres, Sporting & Greens, Restaurants, and Bed & Breakfasts. The Accommod8 product targets residential and commercial sectional title properties. All products are distributed through a broker network and backed by reinsurance from Hannover Re.
Differentiator
Problem solved
Functional benefit
Brands
- Accommod8: Innovative product solution designed specifically for the sectional title market, protecting common property with comprehensive extensions and enhanced features.
- HIC Training Academy
Products and services
- Commercial and Industrial Insurance Comprehensive short-term insurance for manufacturing, retail, and commercial operations, covering Computer Equipment (data re-instatement), Fire and Buildings combined, Business Interruption, Fidelity, Goods-in-Transit, Business All-Risks, Accidental Damage, Deterioration, and Machinery Breakdown. Distributed to South African commercial and industrial businesses via licensed brokers and underwritten by Guardrisk.
- Motor Fleet Insurance Vehicle fleet insurance with monthly basis coverage (no requirement to advise on additions/deletions), aggregate excesses management, and stoppers. Covers cars (private and business use), LDVs, and light to medium trucks (3.5-10 ton) with optional limited or full excess waiver. Distributed to South African businesses with vehicle fleets via licensed brokers.
Quantifiable outcome
- No.1 ART Insurer in South Africa (PWC Survey)
- +2 more outcomes
Companies that use HIC Underwriting Managers
Customer profileSegments8 records
Ideal customer profiles3 records
HIC Underwriting Managers technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
HIC Underwriting Managers partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered core and minor.
- Guardrisk Insurance Company LimitedcoreGuardrisk Insurance Company Limited is the primary carrier/insurer for HIC Underwriting Managers. It is part of Momentum Metropolitan Holdings Limited and is the undisputed market leader in cell captive insurance and risk solutions. Guardrisk has a credit rating of Ba2 on the global scale and Aaa.za on the national scale from Moody's Investors Services, and an AA rating from Global Credit Ratings. It was rated No.1 ART insurer in South Africa by PWC survey.
- Hannover RecoreHannover Re is the lead re-insurer for HIC. With gross premium of more than EUR 27 billion, it is the third-largest reinsurer in the world. The Group has a network of more than 170 subsidiaries, branches and representative offices worldwide. Rating agencies have awarded Hannover Re outstanding insurer financial strength ratings: Standard & Poor's AA- 'Very Strong' and A.M. Best A+ 'Superior'.
- SAUMAminorListed as a network partner. SAUMA is a professional body/association related to insurance underwriting. HIC adheres to the SAUMA Code of Conduct.
- FEDHASAminorFEDHASA (Federated Hospitality Association of South Africa) is a membership organization. HIC is a member, which provides industry networking and association benefits in the hospitality sector.
- FIA (Fabricating Industries Association)minorFIA is a professional industry association. HIC is a member and won the Underwriting Manager of the Year award from FIA in 2012.
Scale indicators3 records
Recent moves9 records
Expansion highlights5 records
HIC Underwriting Managers competitors and assessment
Company assessmentMarket position
Competitive moat6 records
Key highlights3 records
Customer concentration
HIC Underwriting Managers social profiles
Digital presenceHIC Underwriting Managers compliance and trust
Trust signalCompliance2 records
HIC Underwriting Managers financial estimates
Financial estimateRevenue estimate
Valuation estimate
HIC Underwriting Managers leadership team
Management profileNumber of profiles
Profiles16 records
HIC Underwriting Managers funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HIC Underwriting Managers M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HIC Underwriting Managers
What does HIC Underwriting Managers do?
HIC Underwriting Managers operates as an underwriting management agency (UMA) that designs, prices, and underwrites a portfolio of short-term commercial, industrial, and hospitality insurance products on behalf of Guardrisk Insurance Company Limited, with Hannover Re as lead reinsurer. The company distributes these products exclusively through a network of licensed insurance brokers across South Africa, supported by a dedicated Broker Portal and eight regional branches. Its eight core product lines are Commercial and Industrial, Motor Fleet, Hospitality, Bed & Breakfast, Restaurants, Accommod8 (Sectional Title), Golf and Greens, and Schools.
Is HIC Underwriting Managers a public or private company?
HIC Underwriting Managers is a private company. It is classified as private equity controlled and is currently operating.
When was HIC Underwriting Managers founded?
HIC Underwriting Managers was founded in 1998. It employs 11 to 50 people.
Where is HIC Underwriting Managers based?
HIC Underwriting Managers is headquartered in Bedfordview, South Africa, in the Africa region.
How does HIC Underwriting Managers make money?
One revenue line is on record: insurance Underwriting Premiums.
Does HIC Underwriting Managers have an API?
No public API is recorded for HIC Underwriting Managers.
What industry is HIC Underwriting Managers in?
HIC Underwriting Managers's product category is Commercial & Industrial Insurance Underwriting. Its primary akta.pro industry code is FSAEADAD, Wholesale Insurance Brokerage (Excess & Surplus Lines), with a secondary code of FSAJAFAB, Mid-Market Commercial Package (Package Policies). Its NAICS code is 52421 and its SIC code is 6411.